Radia—B.Muthuraman, Managing Director, Tata Steel then—TataSteel-Brazil thing

(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!)

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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

Radia: hmm

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

Radia: yes

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

Radia: hmm

Muthuraman: something to bols.. bolster the market over night

Radia: hmm

Muthuraman: that kind of thing cannot happen

Radia: hmm

Muthuraman: this budget has got some inevitably some very good things

Radia: hmm

Muthuraman: like infrastructure spending.

Radia: hmm

Muthuraman: like not touching any taxes which I think is a positive thing

Radia: hmm

Muthuraman: ofcourse Pranab Mukherjee being a.. we know who he is. He has given investment allowance to petroleum and oil (laughs lightly)

Radia: hmm

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

Radia: right

Muthuraman: same investment allowance to be extended to all large projects in India

Radia: correct

Muthuraman: so.. but overall

Radaia: ahhaa..

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.

Radia: ahaa..

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.

Radia: ok

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

Radia: correct

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

Radia: ahhmm..

Muthuraman: they have actually sent a message saying that they have a mandate ok..

Radia: hmmm

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

Radia: ahahah..

Muthuraman: you need to tackle this and this is very important

(Call ended)

(Transcribed by Shrijeet Basumatary and checked by Girish Nikam)

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2 Responses to “Radia—B.Muthuraman, Managing Director, Tata Steel then—TataSteel-Brazil thing”

  1. Radia—B.Muthuraman, Managing Director, Tata Steel then—TataSteel ……

    Here at World Spinner we are debating the same thing……

  2. Ettie Smeal says:

    Congratulations, your article was reprinted to Harvard University, visit http://harvard-us.edu.ms

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