Mumbai: The Supreme Court will issue its verdict in a legal battle over gas pricing between billionaire Mukesh Ambani’s Reliance Industries and younger brother Anil Ambani’s Reliance Natural on Friday morning, a source familiar with the matter and TV stations said.
A ruling may set a basis for future regulations on gas pricing in India, and could determine whether top-listed Indian firm Reliance Industries makes or loses billions of dollars in potential profits on gas sales.
The ruling is scheduled for 10:30 am on Friday.
A verdict was expected before 11 May, as Chief Justice K G Balakrishnan, part of a three-judge bench that heard the case, is set to retire on that date.
The closely watched case, exposing a rift in India’s richest family, involves terms of a deal under which Reliance Industries was to supply Reliance Natural with 28 million standard cubic metres a day (mmscmd) of gas for 17 years at a rate below the government price.
The deal was part of a 2005 family settlement between the brothers under which the Reliance empire was split following the death of their father. The brothers have been in several disputes since then.