MUMBAI, India — Reliance Industries Ltd. on Monday rejected a media report claiming the Indian government is seeking $30 billion from the company and its partner BP, calling the report factually incorrect and irresponsible.
In a statement, Reliance said the article titled “India claims $30 billion from Reliance Industries, BP for underproduction from gas field, sources say” was based on unnamed and unidentified sources and contained serious inaccuracies.
The company clarified that there is no $30 billion claim against Reliance or BP. It said the actual claim made by the Government of India in connection with the KG-D6 gas block is approximately $247 million, an amount that has been consistently and appropriately disclosed in Reliance’s annual audited financial statements in line with disclosure requirements.
Reliance added that the issues referenced in the report are currently sub judice and will be resolved through the country’s judicial process. The company said it has full faith in the legal system.
“Reliance Industries Limited, together with its partner BP, has at all times complied with its contractual and legal obligations and takes strong exception to the mischaracterisation of facts in the report,” the statement said.
Reliance and BP launched their Indian fuels and mobility joint venture in 2020, following agreements reached in 2019. The partnership operates under the Jio-bp brand and focuses on fuels, retail, and mobility solutions across India.
The companies have previously said the venture combines Reliance’s domestic market presence with BP’s global experience in fuels, lubricants, retail operations, and low-carbon mobility solutions. (Source: IANS)
