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GSPC stake sale in KG-OSN-2001/3 block-II: Key Capital accuses Jean Paul Ray of kidnapping company
Mar 27: The only company which stands to gain out of the ONGC's valuation of the KG-OSN-2001/3 asset revaluation is GeoGlobal Resources Inc.
8GeoGlobal's 10% stake was "carried" by GSPC in return for technical help but subsequently the relationship between the two soured.
8But the company's stake has been valued at around $ 150 million dollar at present and GeoGlobal will continue to get a free ride since GSPC's obligations now vest on ONGC.
8The value of this carried interest will likely go up, as the Indian public sector major puts in more effort to push the block's gas into commercial production, in conjuction with its investments in the neigbouring blocks as KG-DWN-98/2
8Meanwhile a battle seems to have broken out between Jean Paul Ray, a swashbuckling entrepreneur who put the deal between GeoGlobal and GSPC together, and US based Key Capital, which claims that it is the true owner of GeoGlobal and Ray, sitting out of India, has hijacked the company in violation of the law.
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