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An international arbitration panel has issued an award in favour of Reliance, BP & Niko (Consortium) rejecting completely the claims of the Government of India against the Consortium in respect of migrated gas, by a majority of 2 to 1, as per BSE press release.
All the contentions of the Consortium have been upheld by the majority with a finding that the Consortium was entitled to produce all gas from its contract area and all claims made by the Government of India have been rejected. The Consortium is not liable to pay any amount to the Government of India.
The Tribunal also awarded costs of Rs56.44cr to be paid by the Government of India to the Consortium.
Reliance Industries Ltd ended at Rs1,185.85 up by Rs36.15 or 3.14% from its previous closing of Rs1,149.70 on the BSE.
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