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The bid - more than twice the reserve price when the rivals were under it -
is certainly not characteristic of RIL, which has established a reputation as a conservative bidder,
whether in privatisation deals or in telecom licenses. So what explains the exception? The RIL
grapevine has it that after the consultants had submitted their valuation of IPCL, the two brothers
decided to add on a premium to play safe. The patriarch then intervened to add on a further
premium. This one, he apparently observed, was as a mark of gratitude to the Disinvestment
Minister for not putting a spanner in the works despite a history of hostility between Shourie and
RIL dating back to the eighties...
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