Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Ravva Oil Field Case: SC Upholds Foreign Arbitration Award In Favour Of Vedanta, Videocon

The dispute reportedly arises out of a production sharing contract between Cairn India, Vedanta's predecessor, and the government over exploration of the Ravva oil fields off the coast of Andhra Pradesh between 2000 and 2007.

Photo Credit :

1580453825_gsEzDn_Vedanta_Limited_svg.png

In a big setback for the Central government, the Supreme Court on Wednesday upheld the foreign arbitration award in favour of Vedanta and Videocon for the development of the Ravva oil and gas fields off the coast of Andhra Pradesh between 2000 and 2007.

A bench of the apex court, headed by RF Nariman, dismissed the Centre's appeal against the foreign arbitration award that allowed Vedanta and Videocon to recover USD 499 million for the development of the Ravva oil and gas fields.

The Central government, through the Ministry of Petroleum and Natural Gas, had in June this year moved the apex court against the foreign arbitration award to recover USD 499 million, instead of USD 198 million capped by the government, for the development of Ravva oil and gas fields.

The dispute reportedly arises out of a production sharing contract between Cairn India, Vedanta's predecessor, and the government over exploration of the Ravva oil fields off the coast of Andhra Pradesh between 2000 and 2007.

(ANI)

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


ANI

ANI

More From The Author >>