New Delhi, Dec. 29 -- Reliance Industries has denied reports that the Indian government has made $30 billion claim against the company and BP. In an exchange filing on Monday, December 29, the Mukesh Ambani-led company said that a news report which made the claims earlier is "factually incorrect."

The report had alleged that the Indian government was seeking more than $30 billion in compensation from Reliance and BP in an arbitration case, claiming the companies failed to produce gas from offshore fields.

The government made the claim during its submissions before a three-member arbitration tribunal that on November 7 concluded hearings on the 14-year-old dispute. The tribunal is expected to give its award sometime next year and the par...