New Delhi, Oct 1 (Inditop.com) The public spat and litigation between the Ambani brothers could adversely affect the sentiments of foreign companies interested in investing in India’s oil and gas exploration, the sectoral regulator said Thursday.
India is currently inviting bids for the latest round of auction of its hydrocarbon assets, where it is offering 70 blocks.
“Any fight between corporates has a negative impact. No fight has a positive impact,” Director General of Hydrocarbons V.K. Sibal told reporters here on the sidelines of a conference.
The Anil Ambani-led Reliance Natural Resources has been fighting a court case against the Mukesh Ambani-led Reliance Industries over supply of gas from the Krishna-Godavari basin to the former’s power plants.
Sibal said the “negative publicity” could deter some foreign companies, which are already hesitant to make investments due to the global economic meltdown.
“I will be happy if we get an average of two bids per block,” said Sibal.
“The recession has adversely impacted smaller companies,” he added, noting that the response so far has been moderate during the international road shows held so far.
India has held several road shows overseas to attract bidders for its hydrocarbon assets.
