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Reliance Receives a $2.8bn Demand Notice by Indian Government
March 6, 2025
Reliance Industries (RIL) received a $2.8bn demand notice from the Indian government following a Delhi High Court ruling in an old natural gas migration dispute. The case involves allegations that RIL and BP extracted and sold gas from state-owned ONGC’s adjacent block in the Bay of Bengal. Initially, an international arbitration tribunal ruled in favor of RIL in 2018, rejecting a $1.55bn claim by the government. However, in February 2025, the Delhi HC’s Division Bench overturned the arbitral decision, siding with the government. RIL maintains that the judgment and demand are “unsustainable” and plans to challenge them, asserting it expects no financial liability. The dispute, originating in 2013, gained traction after an independent study in 2015 suggested connectivity between RIL and ONGC’s gas reservoirs.
Reliance’s bonds traded stable with its 2.875% 2032s at 86.9, yielding 5.17%.
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