The GSPCs loans for gas exploration increased from zero to nearly Rs.20,000 crore when its own estimates of reserves in the Krishna-Godavari basin kept coming down sharply
In 2005, two different business groups forayed into new ventures. One into commercial aviation, the other into gas exploration. Both announced their entry in a grandiose manner one with Indias largest order of Airbus fleet, the other with Indias largest discovery of gas reserves. They had both borrowed Rs.6,300 crore each in five years since their launch. Both business bets went awry. The airline shut down after raking up dues of over Rs.9,000 crore to banks. The energy business is still functioning, with dues of Rs.19,700 crore. The airline is Kingfisher A…
Read the full article at: http://www.thehindu.com/opinion/op-ed/comment-article-by-jairam-ramesh-on-the-kg-basin-scam-part-ii/article8533360.ece