Ambani bros talking gas price deal?

Are the warring Ambani brothers Mukesh and Anil looking at an out-of-court settlement?
Investment banking sources said there was a “family meeting” on Saturday at Seawind, the Cuffe Parade residence of the family, where, apart from the brothers, renowned bankers Deepak Parekh and KV Kamath, and stalwart investment bankers Vallabh Bhansali and Nimesh Kampani were present.

DNA could not independently verify the presence of the bankers or the meeting itself. They met to thrash out a way to end the four-year-old dispute between the brothers, said sources. The dispute is now being argued in the Supreme Court.

The buzz is that a compromise formula may be arrived at where the Anil Dhirubhai Ambani Group companies could lift gas from Reliance Industries Ltd’s Krishna-Godavari (KG) Basin by paying $3.6 per mmbtu (million metric British thermal units), or 14.3%, lower than a government-set price of $4.20 per mmbtu and 54% more than Anil’s own demand of $2.34 mmbtu.

An RIL spokesperson said the company doesn’t comment on speculation. The ADAG group could not be reached for comment. The D6 block in the KG basin, 90% owned by RIL and 10% by Canada’s Niko Resources, is said to have 10.027 trillion cubic feet of gas reserves worth about $40 billion, according to India’s director-general of hydrocarbons.  

The Supreme Court restarted hearings last week on the much-touted dispute after one judge of a three-member bench - R V Raveendran - recused himself citing conflict of interest and the team had to be reconstituted. Raveendran’s daughter worked for AZB
Partners, a law firm that was an advisor to RIL. B Sudershan Reddy replaced Raveendran on the bench headed by chief justice KG Balakrishnan. The third member is P Sathasivam.

The recusal negated six hearings in the case by the bench. Earlier, a high court had ordered RIL to supply gas to ADAG firm Reliance Natural Resources at $2.34 per mmbtu, which is 44% below the government set price of $4.20 mmbtu.