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19-Aug2016

Government slaps $380 million additional penalty on Reliance Industries

The Centre government has imposed an additional penalty of $380 million (around Rs 2,500 crore) on Reliance Industries (RIL) and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields for 2014-15. This is the fifth penalty in as many years that the government has imposed on the operators of the KG Basin gas field, in form of disallowing recovery of cost incurred, for missing the production target since April 2010. The accumulated penalty now stands at a $2.76 billion.

RIL is an India-based private sector company, with business in energy and materials value chain and in retail and digital services. The Company operates in four segments: refining, petrochemicals, oil & gas and organized retail. The refining segment includes production and marketing operations of the petroleum products. The organized retail segment includes organized retail business. It also has operations in the textile, SEZ development, telecom/broadband business and media sectors.


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