The GVK-BHP Billiton consortium emerged as winners of seven deepwater exploration blocks off the west coast of India in NELP VII. GVK holds 74 percent stake, while BHP besides holding 26 percent stake, acts as operator of all the blocks.
GVK Infrastructure today said it is negotiating with the government for refund of Rs 180 crore spent on seven deepwater exploration blocks, which were surrendered last year, a senior group official said here.
The company may also take a legal recourse if the government does not heed to the claim, the official said.
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"There is a minimum work programme (with regards to development of these blocks). The expenditure associated with this programme was Rs 180 crore. We will fight for it. Because it is not my mistake. When you (the Government) have given me the blocks, it should be unencumbered also. All of a sudden the Defence Ministry does not allow me to enter into this area... Its not my job," GVK Group CFO Issac George told reporters on the sidelines of India Aviation-2014 here.
"We will have to file a civil suit if the government does not agree in whatever we ask. We are talking to them ... dialogue has to continue. I am sure that with dialogue we will solve this problem," he said.
Recently, GVK Oil and Gas Limited, a subsidiary of GVK, issued a termination notice to the Ministry of Petroleum and Natural Gas under the production sharing contract.
The GVK-BHP Billiton consortium emerged as winners of seven deepwater exploration blocks off the west coast of India in NELP VII. GVK holds 74 percent stake, while BHP besides holding 26 percent stake, acts as operator of all the blocks.
BHP had earlier announced that it exited from nine gas exploration blocks in India including those with GVK partnership.
He said the company is in consultations with various Government agencies including the Directorate General of Hydrocarbons on the issue and expects a positive outcome.
George also said that the company has received some insurance part payment for the damages to Alakhnanda power project during the massive floods last year in Uttarakhand.
"Some part payment has been received. Insurance claim is paid in totality after the reconstruction is completed. Under physical damage it will be in the region of Rs 60-70 crore (insurance)," he said.
GVK Power stock price
On March 13, 2014, GVK Power & Infrastructure closed at Rs 10.01, down Rs 0.28, or 2.72 percent. The 52-week high of the share was Rs 12.20 and the 52-week low was Rs 5.52.
The latest book value of the company is Rs 15.84 per share. At current value, the price-to-book value of the company was 0.63.
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