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May 10 (Reuters) - India's Reliance Industries Ltd and its partners in a gas block, BP Plc and NIKO Resources, said on Saturday they would take India's government to arbitration over delays in deciding gas prices.
India's Election Commission in March had asked the government to defer a rise in gas prices until after national elections, results of which will be declared on May 16.
"The continuing delay on part of the Government of India in notifying the price in accordance with the approved formula for the gas to be sold has left the parties with no other option but to pursue this course of action," the companies said in a joint statement.
"Without this clarity, the parties are unable to sanction planned investments of close to $4 billion this year," the statement said.
Reliance, which operates the world's biggest refining complex in western India, is India's second most valuable company and is controlled by the country's richest man, Mukesh Ambani. (Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Andrew Heavens)