Reliance Industries Limited (RIL) has rejected a media story that linked the company to a $30 billion government claim. The Mukesh Ambani-led group said the claim figure is wrong and does not exist against RIL or BP.
In an exchange filing dated December 29, RIL said the story relied on unnamed sources. The company said that the approach created a misleading impression about the KG-D6 gas block dispute.
RIL said the media story’s contents were “factually incorrect” and rejected the $30 billion figure. The company said no such claim exists against Reliance Industries or its partner BP. It also said publishing such a story based on unnamed sources is “inappropriate and irresponsible.”
The dispute relates to gas production from the KG-D6 block in the Krishna Godavari basin. The media story linked the matter to alleged underproduction from offshore deepwater gas fields. RIL said the story mischaracterised key facts tied to the dispute.
RIL said the Government of India’s claim connected to the KG-D6 block totals about $247 million. The company said the amount differs sharply from the figure cited in the media story. It added that it has disclosed the $247 million claim in annual audited financial statements.
Additionally, RIL said it has maintained consistent disclosures in line with applicable requirements. The company said it and BP have complied with contractual and legal obligations under the production-sharing contract. RIL said it takes strong exception to any suggestion that it failed to meet those obligations.
RIL said the matters referenced in the media story are sub judice. The company said the judicial system will decide the dispute under Indian law. Moreover, RIL said it has full faith in the legal process as the case moves forward.
The arbitration involves proceedings between the Government of India and the RIL-BP consortium. Hearings before a three-member tribunal have concluded, and the award is expected next year. The losing party may challenge the outcome before the Supreme Court, which could extend the timeline.
Reliance Industries remains India’s largest listed company by market capitalisation, with operations across energy, retail, telecom, and digital services. The company’s clarification aimed to separate the disclosed KG-D6 claim from the larger figure cited in the media story.