Ann: Pilot Processing Update, page-33

They own half the rights to the process. Everytime NC6 makes a deal, Grasim makes money.

Grasimn wouldn't be able to get their board to agree to aa takeover unless the tech was proven, which is what the pilot spin and then supply to a small number of companies will do.

Grasim could try to buy out the company at $20 million, but the top shareholders know what this company is worth, and would not vote in favour of anything less than many multiples of that, I would suspect. I certainly would be expecting many times that for a takeover.

Grasim may also want to foster it's reputation as a good partner for growing companies.