DoT acquires & sells telecom licenses & spectrum on behalf of the Govt. of India to private operators for expansion of telecom service. West Bengal government buys & sells land (in Singur & other places) on behalf of its farmers to private corporate for expansion of industry. The answer to the principal question as to which partner's interest will the DoT/WB govt. look after in its working can depend only on the existing power equation (which in India equates to wealth generating capability).
Pre-1991 , Government ruled industry . Now after 2 decades of liberalisation , Industry rules government.
The only major difference between Government and Industry is while government is a single entity, Industry is a block of competitive entities. One disgruntled & powerful industrial entity can bring down an unfavourable minister. Maybe , cartelisation of all competing members (for example.. sugar lobby, cement lobby etc..) in a industry will make matters easier for the government. Mergers and acquisitions too help in reducing the number of business houses. But finally a cartel has to be in place.
The only contrary view to this is to stall the progress of government which , the opposition political party demonstrated in West Bengal in the case of Singur. But doesn't that defeat the entire process of governance ? Maybe it changes the framework under which government has to function but with out doubt it slows down the lives of its citizens.