SP3...
For GUJ there is little value...but for the parent, there are benefits of a single integrated entity versus separate entities.
Whilst GUJ is their first born, INR is their favourite son in my view...in spite of the fact GUJ is possibly a better bet on many levels.
I think their problem is the left of field and perhaps poorly timed (from the perspective of the parent), relinquinshing of BHP's Elouera ground and infrustructure. I suspect their initial plans were to take out GUJ without this...but had their hands forced by BHP right in the middle of the IPO for INR, which is why it ended up in GUJ.
Combined, the INR and GUJ assets will result in a more attractive single entity...one which, on the back of an expanded free-float due to a script for script take over, will see the parent owning some 88% of the new combined entity, who's more robust and diversified supply/production route should provide the critical mass required for decent insto/fund interest, especially given the fact it will likely gain an immediate entry into the ASX300 if not ASX200.
Anyway...this is all just speculation on my part...but it all makes sense.
Cheers!
GUJ
gujarat nre resources nl
