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Phone Rings.

2
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Manoj: Hello.
Radia: Manoj, hi. Where are you?
Manoj: I am just reaching office.

3
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Radia: Okay listen. What do you make of Sunil Jain's article? It's neither here nor there. It's so stupid. 
Manoj: (Laughs)

4
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Radia: It's got no central point. I don't know what he had...I don't think he even knows what he is talking about. His whole argument about who we invited for (indiscernible) is based on the gas utilization policy?! I mean we could have invited the steel guys, we could have invited the glass guys. Then, the price would have been higher.

5
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Manoj: No, no, no. <i>Humne jo formula government ko submit kiya tha</i>, (So, the formula we had submitted to the government,) that was based on the set of bids that we received. We had selected five top power companies and five top fertilizer companies, apart from NTPC.

6
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Radia: Correct.
Manoj: He is saying that it should have been the free for all bid. We shouldn't have restricted the bid to select other people. 
Radia: So the price would have been higher then!

7
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Manoj: Uh...<i>haan</i> (yes), it could have been either ways. 
Radia: Free for all...because I know for a fact that Prasad Menon, was told by Prasad - PMS Prasada, not to bid more than...Prasad had bid 5 dollars.

8
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Radia: Do you know that? Prasad Menon had bid 5 dollars! It was these guys who told them that don't excessively go overboard. Because Prasad had bid 5 dollars.

9
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Radia: Then the other issue would have been if you would have allowed the steel companies... they are desperate for gas. 
Manoj: No no no, the other thing which he is saying is that you put only the some part of gas on the bid.(Inaudible)...

10
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Manoj: It would have automatically been...the bidders would have believed that there is sufficient amount of gas and therefore they wouldn't have bidded high.

11
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Manoj: (Inaudible) analysts.
Radia: What nonsense! Let's look at it the other way. Let's say that gas is open to all.

12
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Manoj: Then he is depending on that economic advisory council comment which is quoted in the newspaper saying that there was some element of transparency, this that and the other.

13
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Radia: Well, I think that if you look at it the other way round, if I had kept it free for all, then I would have gone for the highest bid and provided them the gas price <i>na</i>?

14
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Radia:  So Prasad Menon bids 5 and steel companies were willing to bid 7 and 9...so I would have given them the gas price na...(inaudible) <aati hi nahin na</i> ...then they wouldn't have come to 2.34.

15
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Manoj: Hmm.
Radia: I think the (inaudible) both ways. I don't think he knows what he is talking about.

16
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Radia: Because he is also not relying on the fact...that... he is saying that the gas - your electricity would get impacted. Right?

17
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Manoj: He is coming in from the fact that because these two contracts were not honoured, 10,000 Megawatts have not been generated.

18
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Manoj: Which means he is accepting their argument that because we did not sign the contract, the electric - uh, the power projects have not gone on the street.

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Radia: But he needs to revisit their history and see whether they have added 1 Megawatt of power anywhere else.

20
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Manoj: Yeah, absolutely!
Radia: That is one. Secondly, I don't think he has visited the land acquisition part.

21
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Radia: And thirdly, whatever the government...whatever agreements and power projects they are setting up independently, I would imagine Dadris and IPC...it's based on a grid formula, which is a PTA...is he going to go and reduce that cost?

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Radia: Unless he is going to merchant.. and on that maybe he looks at setting up part-merchant. Then it will be even more. So where is he coming from? I think Sunil has just written for the heck of writing. I think we should respond.

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Radia: And I think we should say, "Your arguments a little obtuse". Maybe we shouldn't, but a letter to the editor.. you know, from another name...want RIL to say the arguments are obtuse.

24
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Radia: And I think we should do that. Because atleast that should get carried. The other thing is Murli Deora has made another statement yesterday.

25
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Manoj: Who?
Radia: Murli Deora
Manoj: <i>Haan,</i> Financial Bank <i>se</i> (Yes, from Financial Bank).

26
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Radia: Yes, he's gone...I haven't understood his statement. He says that (inaudible) to sort it out?And then...but he also says that he's going to intervene.

27
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Manoj: He says the government will intervene because it's his catch. 
Radia: Hmm. He's saying both things right? 
Manoj: Both things..

28
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Radia: <i>Chal</i> (Come), okay.. your guys have reached have they?
Manoj: Sorry?

29
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Radia: Your guys have reached have they?
Manoj: Yeah they have reached. I am just meeting them. 
Radia: Okay then you'll let me know <i>na</i>?
(Tape ends)

