Vinu-article on national assets-20090622-081358

  • Vinu-article on national assets-20090622-081358 

Pooja N has transcribed this tape.

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2 Responses to “Vinu-article on national assets-20090622-081358”


  1. 1 Pooja Naik December 2, 2010 at 2:33 pm

    Nira Radia: Venu, hi. Sorry I, you called.
    Venu: Yeah, Nira I, you know I saw this interesting story in Business Standard.
    Nira: Ahaan.
    Venu: How, you know this Defence Offset Policy.
    Nira: Ahaan.
    Venu: You know Defence Offset Policy is what, the government you know, is, you know, government is going to buy hundred and fifty thousand crore worth of defence equipment over the next (not clear) phase, five years (not clear)
    Nira: Yeah, yeah. I’m aware of it.
    Venu: Now under the Offset Policy TATA’s and L&T’s and Mahindra’s (Nira: Yeah, I’ve seen that) are tying up with foreign defence manufacturers about 30% of that will have to be purchased from India or will have to invested in India in equipment.
    Nira: Correct
    Venu: So that creates an opportunity of fifty thousand crore over next five years (Nira: Hmm…hmm.) For the work to be done in India hmm…so that’s the offset policy. (Nira: Hmm…hmm.) Now, do you think if we did a television story..umm..on how the Offset Policy will work out at the joint venture level and the BS (Business Standard) story talks about the JVP (not audible) you know
    Nira: Ya, ya,
    Venu: So, people will talk some, say TATA’s, Mahindra’s and of course the L&T. We just want to build a comprehensive story you know. You think it will be possible?
    Nira: Ya, maybe, I’ll get one or two, whoever are they, maybe the one or two who have done the Swarovski deal, or maybe one of them.
    Venu: Ya? Because the TATA speaking to foreign sales of the Israel, leading Israeli company you know, (Nira: Ya, ya), French company and all you know (Nira: Ya, ya). Because this is interesting even from the market perspective, because each of these deals will have an upside, topline upside you know of 20-30%, for that company you know, which may be listed in the market also no.
    Nira: Hmm, Hmm, hmm, hmmm. Yeah, let me know when you’re planning to do it, I’ll have a word.
    Venu: Ya, hmm. And one more thing Nira, just a small favour.
    Nira: Uh..haan.
    Venu: (clears throat) you know we (clears throat) there’s a, you know there’s a, I mean I’m saying this, because I, I’m responsible for. You know there’s a girl who joined, very bright girl who joined ET (Economic Times) now, she used to be in CNBC for three four years and she was the best performer, then she got married and went off to US and now she has returned and joined (Nira: hmm) ET. Her name is Rohini Singh. So, I had actually brought her in into ET now you know. (Nira: hmm) She’s coming after about a year, spending a year in the US with her husband (Nira: hmm, hmm). Now, but she has, of course she has network of contacts and just wanted her to be introduced to some people in your system.( Nira: Ok, so… ) So, I want to, next time I, can she come and generally meet you, you know.
    Nira: Ok. So, Venu this week I’m going, I’m going to Bombay, I’ll be back on Thursday.
    Venu: If actually you know, she’ll be covering policy you know, (Nira: ok) finance ministry, uh you know and some other key policies (Nira: hmm) So, since, uh, the people that you handle no, the TATA’s and others (Nira: umm, hmm) they have always have their, all their activities have some policy implications na, (Nira: hmm, hmm). So, I just wanted you to help her out on the policy side of it, that’s all.
    Nira: Ya, ya, sure, sure. No problem. No problem. Anytime, once I’m back then we meet on Thursday or Friday, no, no problem. I’ll be happy to help.
    Vebu: because she, she joined last week and she done good, she’s done good, interesting stories also in the meanwhile.
    Nira: Ahaan, what has she done?
    Venu: Ah, ya. She was in CNBC for three and a half four years ya.
    Nira: Ahaan, ahaan, ahaan. How are things on the gas side?
    Venu: On the gas side? On the gas side Murli Deora statement came na that (Nira: ya, ya, ya, ya) government will protect its interest, you know.
    Nira: Ya, Sunil Jain has done his bit to it today.
    Venu: What, what has he written?
    Nira: No, nothing. Basically he is talking absolute non-sense. Why, why make RIL’s balance sheet fatter. (Venu: hmm hmm) And what about the power sector which desperately needs gas. I mean, who’s saying that it’s not coming to them you know. (Venu: hmm hmm) And the question is that are they going to pass the profits they make to the consumer? Of course, not. The PPA agreements are defined tariffs you know.
    Venu: Ya, but I thought fertilizer precedes power no?
    Nira: Ya. And fertilizer is that important for the common man in any case you know. (Venu: Ya, ya.) In any case there are existing power plants also. These are all PPA based, uh, uh, tariff. Nobody is going to pass the benefit back.
    Venu: Ya, ya, ya. That’s all bulk you know.
    Nira: Ya, he is all talking out of his hat, so. Uh, you’re doing your piece no Venu?
    Venu: Ya, I’m writing something, ya ya. Basically I am looking at a larger piece on, on, a bit like what, uh Vir Sanghvi actually pre-empted me a little (Laughs) (Nira: umm, hmm). There was a line I was going to take you know (Nira: hmm hmm). In critical resources there should be, uh, national policy. And national policy should, should, obviously supersede. I would, I was actually planning a strong piece, your not a Banana Republic you know, (Nira: Correct), where some, uh, bloody company is deciding, government policy you know, in Africa for instance.
    Nira: Correct.
    Venu: So, so, you know. Anyway I’ll still write it.
    Nira: Ya, but you know
    Venu: (cuts in) You saw Vir Sanghvi’s piece na?
    Nira: Ya, I saw it yesterday. But you know, I guess I think he’s gone more into the sort of corruption and ministers.
    Venu: No, no, I’m not into that. Ya, ya, I’ll be writing..
    Nira: He overshot it a bit, ya.
    Venu: Ya, ya. I wanted to also, this, (name not clear) give a statement that he wanted to auctioning should be done on a, on a, wholesome basis not, you know. I wanted to understand that argument also.
    Nira: Ya. Ok. You want to talk to him? You got his mobile no?
    Venu: Ya. Ya. I’ll speak to him. Ya, ya.
    Nira: Ya, ya. And I also think if you look at it, the question is you’re right, it should be the national policy and not some tribunal High Court judges deciding what it is na, who don’t understand what is economics na.
    Venu: Yaa. Nira, can you tell one of your researchers to give me just (Nira: ahaan) to give me just one, two three figures. I just need two three big figures, (Nira: hmm), which is just total value of spectrum (Nira: hmm), potential value, you know.
    Nira: In both 2G, 3G space?
    Venu: Ya, ya.Total value, potential value, total potential value of spectrum that exists, that is going to be auctioned and potential value of the, uh uh, coal reserves uh. The total value of coal reserves, gas and iron ore you know. If these four things I get then I can consolidate them, you know, into a big figure, and I’ll say that these, I mean, are the, are the, national wealth you know.
    Nira: Umm, ok. I’ll get that, I’ll get, I’ll get it put on your email today?
    Venu: Ya, ya. It makes sense na?
    Nira: Ya, ya, makes lot of sense. But you know it’s a huge figure. (Venu: I know, but) In the case of coal you know, we, we, we haven’t even touched the surface you know.
    Venu: Ya, I believe coals are some two hundred billion tonnes or something no?
    Nira: Ya, that’s what. But we haven’t even started to, started to mine further. (Venu: Umm, hmm.) (Nira speaking: inaudible). Ya, ya, but I’ll get the figures to you.
    Venu: Basically the point that I want to make is that if this is the value of, if this is national wealth, which needs to be harnessed to the optimal in the national interest, so the competition should not fall, uh, prey to crony capitalism you know.
    Nira: Right.
    Venu: Basically that’s the point I want to make you know.
    Nira: Right. Right. Right. And what on the judgement Venu? Uh, sorry to you know ask.
    Venu: No, no. As for the judgement, I will, I will focus. Infact I will start with the judgement only you know.
    Nira: Umm hmm. Umm hmm.
    Venu: So…uh. In fact I’m trying to speak to one or two constitutional experts, in general terms on whether, you know. Somebody like Shantibhushan (Nira: hmm..hmm) or you know. So, on my own what are the constitutional provisions which might apply to this, uh, to this you know (Nira: umm hmm) to a case like this you know.

  2. 2 SD December 4, 2010 at 7:35 am

    Very neat. Only minor typos like ET now is actually ET Now (the television channel). Thanks for a wonderful effort. It is now on OL:

    http://www.outlookindia.com/article.aspx?268409


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