I'm not much for conspiracies. Simple explanations usually work better. In this case if NMDC wanted Sandpiper, it would be simpler for them to buy UCL and work JV with MAK. UCLs 42.5% stake is close to NMDCs preferred investment model of up to 50% of a project.
There's no evidence NMDC are interested in Sandpiper.
It's better to deal with the facts which are the bid and response. The question to then answer is to what extent MAK have persuaded UCLs major shareholder.
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