GOVERNMENTVS IN­DUS­TRY

The pri­vate sec­tor has had run- ins with the Gov­ern­ment,

India Today - - COVER STORY -

The Min­istry of Petroleum and Nat­u­ral Gas has re­fused to clear Rs 6,400 crore that was due to Reliance In­dus­tries ( RIL) as part of its cost re­cov­ery from KG- D6 gas block. The min­istry says pro­duc­tion fell by al­most half in 2011 and RIL has not drilled enough wells. Adani’s com­pany has been named in the Kar­nataka Lokayukta’s re­port on il­le­gal min­ing in the state. He de­nies any wrong­do­ing. Adani Power is suf­fer­ing from acute coal short­age. It posted a loss of Rs 294 crore be­tween Jan­uary and March 2012. The tele­com ty­coon has called tele­com reg­u­la­tor TRAI’S rec­om­men­da­tions on re- auc­tion of can­celled 2G spec­trum “catas­trophic”. Ac­cord­ing to him, this has been the most de­struc­tive pe­riod of reg­u­la­tory en­vi­ron­ment in the last 16 years. His alu­minum re­fin­ery in Odisha is mak­ing losses be­cause it has not been able to se­cure baux­ite mine per­mits. Agar­wal’s Vedanta Univer­sity is stalled due to land is­sues. His ac­qui­si­tion of Cairn In­dia was de­layed over a roy­al­tyshar­ing dis­pute with ONGC. The Gov­ern­ment has said that it will re­cover Rs 20,000 crore in taxes from Voda­fone af­ter pass­ing a ret­ro­spec­tive tax amend­ment in the Bud­get. The com­pany stands to lose sig­nif­i­cantly from TRAI’S new rec­om­men­da­tions on re­farm­ing of spec­trum.

A NI L A G A RWAL Vedanta 58

MARTEN P I E T E RS CEO, Voda­fone In­dia 58

MM UU KK EE SS HH AA MM BB AA NN II Reliance In­dus­tries 5544

G A U TA M A DANI Adani Group 49

S U NI L B . MI T TA L Bharti En­ter­prises 54

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