Reliance Industries Ltd (RIL) and its partners have had an international tribunal find in their favour in a $1.7 billion UNCITRAL dispute against the Indian Government. In addition, the tribunal also awarded costs of $8.3 million to be paid by the government.
The dispute pertains to the Indian government's claim of a $1.55 billion penalty against RIL and its partners for allegedly profiting from gas which had migrated from nearby state-owned fields. The tribunal held Reliance were entitled to produce the gas.
An international arbitration tribunal rejected the government's claim by a majority of two votes to one.
Harish Salve SA acted for Reliance Industries.