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NEW DELHI, Dec. 28 (UPI) -- Reliance Industries Ltd. and Indian Oil Corp. Ltd. have decided to move slowly on city gas distribution.
"The two companies have decided to wait for the final guidelines for development of city or local natural gas distribution networks before formalizing their joint venture," an RIL official said.
The draft guidelines put out by the Petroleum and Natural Gas Regulatory Board have proposed bids for the projects, he said.
According to the RIL-IOC joint venture, this creates uncertainty. Even if the two entities make a bid as a consortium, there is no guarantee they will win the projects.
"Though consensus on issues like equity structure of the joint venture seems to be emerging, the two companies want to go slow till more clarity emerges on the policy front," the official said.
While RIL sought a majority stake in the joint venture, IOC wanted an equal partnership. The original proposal envisaged 49 percent equity for IOC and 51 percent for RIL.
It also proposed that if any state government expressed interest in a city gas distribution project, it would be given 5 percent in such a way that the combined strength of IOC and the state would not be more than 50 percent.
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