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A few years ago Modi forced cash rich ONGC to "buy" cash dry and gas dry GSPC. It was the scam of scams.

"On June 26, 2005, then Gujarat Chief Minister Narendra Modi announced that GSPC had discovered India's largest gas reserves in the KG basin. He claimed that the gas reserves were 20 trillion cubic feet worth 2,20,000 crores at that time. This was more than the total gas produced in all of India at that time. He announced that GSPC would spend 1,500 crores and begin commercial production of this gas in 2007. He also proclaimed this would make Gujarat India's economic super power and enable India to become self-sufficient in her energy needs."

What is even worse is this - as of 2016, GSPC has not started commercial production of gas from its KG Basin block. Astonishingly, it has borrowed 19,716 crores until March 31, 2015 from more than 15 public sector and private sector banks together. Its profits have dropped to a mere 23 crores in 2015. The company has written off nearly 3,000 crores as exploration costs. The company had interest dues of 1,800 crores in 2015 alone to the banks. To put this in context, Kingfisher Airlines is alleged to owe the banks 9,000 crores. GSPC's loans are more than twice that of Kingfisher. Similar to Kingfisher Airlines, GSPC's grand plans have also gone kaput. When Kingfisher and its promoter are rightfully vilified, why are GSPC and its protagonists not questioned?

- Mohan Guruswamy


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