After 12 years, the natural gas company has a debt of Rs.20,000 crore but no gas to sell.
Grand Illusion: The GSPC Disaster and the Gujarat Model is a new book authored by Subir Ghosh, and published by Paranjoy Guha Thakurta. It describes how Modi, as chief minister of Gujarat, hyped up a state public sector undertaking (Gujarat State Petroleum Corp.) claiming it had discovered gas worth “100 billion dollars”, how GSPC groped in the dark trying to “find” the gas even as it was borrowing heavily and giving concessions to Adani Group and others, how “Other Expenses” in its books went up from Rs.16 crore to Rs.500 crore and ultimately how, PM Modi is now forcing ONGC to buy out GSPC. It is a distressing tale of deception, bungling and, perhaps, malfeasance, backed by CAG’s pithy observations on the subject. It is also, as the author shows, typical of what the much hyped ‘Gujarat Model’ is all about. Newsclick presents exclusive extracts from the book.
Read the extracts here.