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Back from holiday and... 21/04/2017, 24188469

  1. Megagene79

    1,091 Posts.
    Back from holiday and great update by ECT that sheds some strong light on where we are with both expectations and commitments by our Indian partners. Great to see our Indian partners contribute 700K to move forward on works that are being held by a longer than anticipated NITI Aayog review. Many here have been critical on timelines in this whole MPA process and although frustrating it is clear the Indians are very detailed and lengthy in their ways of building business relationships and forging partnerships. The Austrade cases show that this process although frustrating leads to very strong business relationships which ECT are on the way towards with 2 technologies India can utilise in energy security while also having a major impact  for the country in their steel industry. Yes frustrating but this NITI Aayog review will have a major impact in putting front and center how big this deal is for ECT and India.

    The update clearly suggests that management's timelines on NITI Aayog having the review done in a few weeks was clearly what they were being told. The below quote from Director of Projects and Planning at NLC, Mr P Selvakumar suggests so.

    Director of Projects and Planning at NLC, Mr P Selvakumar stated that “NLC are strongly committed to the project with ECT and NMDC. We have experienced longer review and approval timetables than we were expecting, due to the unique aspects and national profile of this project. However, we have added additional critical resources to move the project forward, and look forward to commencing construction as soon as possible.” NLC also continue with site survey and other preparatory works for the project as outlined in previous announcements.

    The above statement also shows how committed our Indian partners are to the project and starting construction with the money contributed and they continue to do site works. Does anyone here believe these 2 Indian government companies are going to throw 700K at a the project before signing if it wasn't going ahead. In Australia sure that would be the case but not in India and this project although frustrating took the extra NITI Aayog step will turn this project into alot more than we all thought possible. Seeing ECT management were in India the time Malcolm Turnball was there i suggest the Aus govt would have also a fare idea of the magnitude of the deal going on here between ECT and our big Indian govt companies with a view on it all being amongst the largest R&D projects ever to be undertaken by Indian PSU's.

    Although frustrating for all including management i believe it looks like their last visit to India was to get some serious commitment from our partners in terms of $$ plus also some written statements to give holders some relief this all on track. We are now dropping on small volume but i expect the details of the MPA when finalised and the future that is set out by our 3 way tie up MPA will blow the market away and send this flying back up. Reminds me of NSL that has a mad rush prior to oppie expiry.

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