Reliance Industries Share Price in Focus as Delhi High Court Clears Government Appeal in $3.86 Billion PMT Gas Fields Arbitration

The Delhi High Court has rejected Reliance Industries’ preliminary objections and upheld the government’s appeal to enforce the 2016 arbitration award of $3.86 billion relating to the Panna, Mukta and Tapti (PMT) gas fields, as per The Economic Times report. 

Court Dismisses Reliance’s Objections and Confirms Appeal Maintainability 

A division bench comprising Justices Navin Chawla and Madhu Jain found no merit in Reliance’s claim that the appeal was not maintainable.  

The bench applied Section 50(1)(b) of the Arbitration & Conciliation Act, which permits an appeal against a court order refusing to enforce a foreign award under Section 48.  

Consequently, the government’s appeal is deemed maintainable and will proceed to a merits hearing on February 17, 2026. 

Background of the PMT Arbitration Dispute 

The dispute originated in December 2010 when Reliance and BG Exploration & Production India sought arbitration over cost‑recovery provisions, profit calculations and statutory dues for the PMT fields.  

A 3‑member tribunal issued a final partial award on October 12, 2016, directing the profit to be calculated after deducting the then prevailing tax rate of 33 % rather than the earlier 50 % rate. The award also confirmed cost‑recovery amounts of $545 million for Tapti and $577.5 million for Panna‑Mukta. 

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Government’s Claim of Unpaid Public Money 

The oil ministry alleges that Reliance and BG have withheld public money exceeding approximately $5 billion, which became due and payable under the 2016 award. The ministry seeks recovery of the $3.86 billion claim, describing the award as final and conclusive. 

Reliance’s Position on Appeal Filing 

Reliance argued that allowing the appeal would contradict the 2016 award itself, which it considered executable. The company maintained that the appeal was premature and not maintainable. 

Reliance Industries Share Price Performance  

As of February 03, 2026, at 9:15 AM, Reliance Industries share price on NSE was trading at ₹1,455 up by 4.65% from the previous closing price. 

Conclusion 

The Delhi High Court’s decision removes the procedural barrier for the government to enforce the $3.86 billion arbitration award. The case will now be examined on its substantive merits on February 17, 2026. 

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