Text Size: A- A+

New Delhi: The Indian government is trying to stop Reliance Industries Ltd. from paring its assets including a plan to sell a 20% stake to Saudi Aramco, the Times of India reported.

The demand was made in an ongoing court case against Reliance Industries and British Gas, the paper said. The government has sought to prevent the two companies from selling their assets, and honoring a $4.5 billion international arbitration award in a production-sharing dispute over the Panna-Mukta and Tapti fields, it said.

India has asked Reliance directors to file an affidavit disclosing the company’s assets. The Delhi High Court will next hear the case on Feb. 6, the report said.

The government affidavit states that Reliance is “in a massive group debt of 2.88 trillion rupees” ($40.5 billion), and that there would be nothing left for the government to execute its award if it sold assets, the report said.

Also read: RBI’s very own ‘Operation Twist’ and the implications of the move

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises. But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle. ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here. Support Our Journalism

Show Full Article