(This conversation between the Tata strongman, B.Muthuraman and Niira Radia indicates the clout she has in the Tata group, and how they are willing to bend contract they already have and give it to Radia. This is more interesting, after Radia had in an earlier conversation with her employee Yateesh, expresses her doubts about Tatas and how they cannot be trusted!)
6th July 2009, 09:57:12 PM,
Call duration: 03:42 P.M
Transcript of this audio file is as following—
Radia: hi Mr.Muthuraman, how are you?
Muthuraman: fine thank you. Am I disturbing you?
Radia: no.. no.. no.. no.. not at all. I’m on my way home from work
Muthuraman: ok.. can I speak to you for a few minutes?
Radia: yeah.. yeah.. sure
Muthuraman: ok.. I’m in Delhi for (…)
Radia: ahmm.. (happy ackowledgement)
Muthuraman: I came for some meetings tomorrow a.. including one with the Finance Minister on the budget
Radia: oh great! are you happy with the budget or what is your view?
Muthuraman: I’m actually quiet happy with the Budget
Radia: yeah..(..breaking sounds…) in fact it gives a stimulus to the overall—
Muthuraman: infact I have given a statement
Muturaman: ah..which actually came on the ticker and on the CNBC.. it will come tomorrow.
Radia: hmm.. hmm.
Muthuraman: I’m not enough you see budget is not a quick fix
Muthuraman: and this market is in my.. if I.. if I use my strong words STUPID
Radia: it is yes. It will short quite isn’t it ?
Muthuraman: the market expects
Muthuraman: something to bols.. bolster the market over night
Muthuraman: that kind of thing cannot happen
Muthuraman: this budget has got some inevitably some very good things
Muthuraman: like infrastructure spending.
Muthuraman: like not touching any taxes which I think is a positive thing
Muthuraman: ofcourse Pranab Mukherjee being a.. we know who he is. He has given investment allowance to petroleum and oil (laughs lightly)
Muthuraman: and tomorrow when I meet him inside I’m raising this question. I have sent already the question to the finance Ministry what I’m going to ask in the meeting.. CII meeting
Muthuraman: same investment allowance to be extended to all large projects in India
Muthuraman: so.. but overall
Muthuraman: this budget has a.. a step you know we are living in a very difficult times and market is not a.. a sort of agree.. aah..not.. not seeing that point
Radia: that’s right ya. That’s a very short sighted market project ya..
Muthuraman: in a current that’s absolutely right it is a quarterly market ah.. I would not say it quarterly market it’s a weekly.. weekly market
Radia: it is.. ya.. absolutely laughs
Muthuraman: so weekly market will react like this. And in fact I wanted to say something strong on my press statement on the.. the market reaction.
Radia: I think … I think perhaps you should do tomorrow Mr. Muthuraman
Muthuraman: no.. no I didn’t want to say it because I want some Tata steel price I… we want to come up with something and I want Tata steel good for reasonable price.
Radia: ok.. (laughs)
Muthuraman: Can I talk to you on the Brazil thing.
Radia: yes sir… yes sir
Muthuraman: last about after I landed in Bombay I had a teleconference with (A.D.Baijal, Vice President and Tata Group Director, Global Mineral Resources) and N.K.Mishra(Vice President and Tata Steel Group Head, M&A).
Radia: yes sir..
Muthuraman: There are three things.
Muthuraman: First of all I want to check with you whether we can meet tomorrow evening sometime on this subject if you are available.
Radia: yes certainly.. yes certainly..
Muthuraman: ok.. I will pass over to you three things which you can mull over it and we can discuss.
Muthuraman: One is.. you know when our guys cont.. you know I told you that they have been talking to somebody for last about four, five, six months
Muthuraman: I gave you the name of that party from London
Radia: that’s right
Muthuraman: so we wanted to ease ourselves off from them and start dealing with you
Muthuraman: they have actually sent a message saying that they have a mandate ok..
Muthuraman: now I have held these fellows up because if you ask.. show me the mandate and I don’t want them to produce a letter and then it becomes.. you know somewhat ugly and difficult
Muthuraman: you need to tackle this and this is very important
(Transcribed by Shrijeet Basumatary and checked by Girish Nikam)