Hi Anupam
Glad to receive your valuable thoughts. I completely second your views and risk you have raised are the ones i also felt and highlighted in my original article
I think if anyday this company shareholding of GOI goes below 51% then its a big red flag although history has shown that once company looses sovereign guarantee , the borrowing cost rises and credit rating falls however if they can enter in JV then on long term basis this is best way to finance your needs.
Lets imagine a worst case scenario that Govt holding goes below 51%. Do you think they are in a position to go into JV?
Thanks