M.K. Venu: Yeah, Niira I, you know, there's this interesting story I saw in Business Standard.
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Niira Radia: Uh huh.
M.K. Venu: About how, you know this Defence Offset Policy.
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Niira Radia: Uh huh.
M.K. Venu: You know Defence Offset Policy is what, the government you know, is, you know, government is going to buy about hundred and fifty thousand crore worth of defence equipment over the next (not clear) phase, five years.
M.K. Venu : - 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.
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Niira Radia: Correct.
M.K. Venu: So that creates an opportunity of fifty thousand crore over next five years -
M.K. Venu: 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.
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Niira Radia: Yeah, yeah.
M.K. Venu: So, people will talk some, say TATAs, Mahindras and of course the L&T? We just want to build a comprehensive story you know. You think it will be possible?
M.K. Venu: - French company and all you know. 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.
M.K. 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's joined, very bright girl who joined ET 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 ET.
M.K.Venu: Her name is Rohini Singh. So, I had actually brought her in into ET Now you know. She's come in after about a year, spent a year in the US with her husband.
M.K. Venu: Now, but she has, of course she has network of contacts and just wanted her to be introduced to some people in your system. So, I want to, next time I, can she come and meet you, generally, you know.
M.K. Venu: So, since, uh, the people that you handle no, the TATAs and others they have always have their, all their activities have some policy implications <i>na</i>? So, I just wanted you to help her out on the policy side of it, that's all.
Niira Radia: Yeah, yeah, 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.
M.K. Venu: Because she, she joined last week and she done good, she's done good, interesting stories also in the meanwhile.
Niira Radia: No, nothing. Basically he is talking absolute nonsense. Why, why make RIL's balance sheet fatter.And what about the power sector which desperately needs gas.
Niira Radia: I mean, who's saying that it's not coming to them you know. And the question is that are they going to pass the profits they make to the consumer? Of course they're not. The PPA agreements are defined tariffs, you know.
Niira Radia: Yeah, he is all talking out of his hat, so. Uh, you're doing your piece, no, Venu?
M.K. Venu: Yeah, I'm writing something, yeah yeah. Basically I am looking at a larger piece on, on, a bit like what, uh Vir Sanghvi actually pre-empted me a little (laughs).
M.K. Venu: There was a line I was going to take you know, that 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, we're not a banana republic you know -
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Niira Radia: Correct.
M.K. Venu: - where some, uh, bloody company is deciding, government policy you know, in Africa for instance.
M.K. Venu: Yeah, yeah. I wanted to also, this, Baijal 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.
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Niira Radia: Yeah. Ok. You want to talk to him? You got his mobile, no?
Niira Radia: Yeah, yeah. 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 <i>na</i>, who don't understand what is economics <i>na</i>.
M.K. Venu: Yeah. Niira, can you tell one of your researchers -
M.K. Venu: - to give me just one, two three figures. I just need two three big figures, which is just total value of spectrum
Niira Radia: Mmhmm.
M.K. Venu: - potential value, you know.
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Niira Radia: In both 2G, 3G space?
M.K. Venu: Yeah, yeah. 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...or the total value of coal reserves, gas and iron ore you know.
M.K. Venu: 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.
M.K. 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.
M.K. 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 Shanti Bhushan or you know. So, on my own what are the constitutional provisions which might apply to this, uh, to this you know to a case like this -
