(ET)
Reliance Industries and partner BP have withdrawn the gas price-related arbitration against the government, paving the way for the companies to claim the premium price for output from deep-sea fields in which they plan to invest Rs 40,000 crore.
This is the second case of arbitration that RILBSE 1.06 % and BP have withdrawn, sending another strong signal that the relationship between the oil ministry and RIL, which had become acrimonious during the UPA regime, has normalised enough for the partners to turn their attention from litigation to investment.
Last week, RIL chairman Mukesh Ambani and BP Plc CEO Bob Dudley signalled confidence in the policy environment and the regulatory regime by announcing their plan to invest $6 billion in new fields discovered long back in the deep-sea KG Basin block.