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Investing.com -- In a significant ruling on Friday, an Indian court sided against Reliance Industries (NSE:RELI) Ltd., owned by billionaire Mukesh Ambani, and its partner BP (NYSE:BP) Plc in a gas drilling dispute that has been ongoing for over a decade. The information was provided by a legal representative for the litigant.
The Delhi High Court, presided over by a two-judge bench, supported the argument put forth by the petroleum ministry. They contended that Reliance Industries, the country's most valuable company, had unlawfully extracted natural gas from a neighboring offshore block. This block is under the control of the state-run Oil & Natural Gas Corp.
Despite the ruling, the dispute may not be over. In line with the typical course of action in high-stakes disputes, Reliance Industries has the option to take the matter to the country's top court.
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