RIL cancels arbitration against govt on KG basin
Mukesh Ambani-led Reliance Industries (RIL) has withdrawn an arbitration, slapped against the Petroleum Ministry in January 2015, seeking damages for taking away 81% of the contract area in a deepwater block in the Krishna-Godavari basin. RIL had earlier contended it spent $1.1 billion during the exploration in the block and the area taken away includes five discoveries.