Letters: Devil is in the detail

Apropos Dev Chatterjee’s report, “Gujarat may take over Tata, Adani, Essar power plants” (October 11), that the state government, post Assembly elections, will acquire 49 per cent of the troubled assets in these three groups is not surprising. It is an example of the muddled economic thinking of governments and of crony capitalism.
 
The journey of these power plants from overly aggressive bidding to deep financial trouble is well known. That the promoters failed to exercise proper risk management is clear, as is the slack demand for power and the coal export law changes in Indonesia. Now, under the