Wednesday, July 29, 2009

Reliance Natural Resources net surges 7.4 percent

The Anil Ambani-led Reliance Natural Resources Ltd (RNRL) Wednesday reported 7.4 percent surge in its net profit to Rs.17.2 crore ($3.5 million) for the quarter ended June 30 as compared to Rs.16 crore in the like period last year.

Total income increased 24 percent to Rs.115.4 crore from Rs.92.9 crore, the company said in a regulatory statement.

Earlier in the day, RNRL chairman Anil Ambani said his company had served notice to both the petroleum ministry and Reliance Industries Ltd (RIL) seeking an early settlement of the ongoing dispute between the two companies.

"The honourable Supreme Court will be requested to take up the matter for final hearing on September 1," Ambani said, adding a petition on these lines will be moved in the court Thursday and hoped the government would back this initiative.

Last month, the Bombay High Court had asked RIL to supply 28 million units of gas from Krishna-Godavari basin to Reliance Natural Resources for 17 years at $2.34 per unit, after assigning 12 million units to the state-run power utility NTPC.

RIL challenged the verdict in the Supreme Court, which heard the case July 20 and fixed Sep 1 as the next date of hearing. It also asked all parties to file their replies on the government position on the matter by then.

According to Anil Ambani, the resolution of the gas dispute was also important as it was holding up power projects of at least 12,000 MW at a time when the country was facing acute shortage of electricity.

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