Hyderabad:
Industry Minister D Sridhar Babu said on Saturday that Telangana Industrial Infrastructure Corporation has raised around Rs 10,000 crore by releasing 400 acres of land adjacent to the senior, showing 400 acres of land adjacent to Hydrebad University, issuing about Rs 10,000 crore through a private placement of senior safe, qualified, non-convertible debentures from the market.
Addressing a press conference, the minister said that the bonds, which are rated and listed in exchanges, carry a coupon rate of 9.35 percent and Rs 8,476 crore deposited in TGIIC account through bond sales.
He also said that income was spent on welfare schemes, including form loan waiver (Rs 2,146 crore), Ritu trust (Rs 5,443 crore) and a fine variety of rice (Rs 947 crore).
Babu said, “37 organizations, including some international and mutual funds, had invested in those bonds. ICICI Bank had an escrow account, raised with Rs 9,995 crore with 9.35 percent.”
Rejecting the allegations made by BRS working president Ram Rao, ICICI Bank violated RBI Noms and gave loans to the state government, the minister said that the private bank never gave any loan to the government, but maintained an Escro account for bus bonds.
“I am once again clarifying that ICICI Bank has not given us any loan. And the land (400 acres) is not under litigation. The Supreme Court has given a decision on it. 400 acres of land belongs to the state government,” said Babu.
Union agencies like RBI, CBI or Serious Fraud Investigation Office (SFIO), demanding an inquiry into the irregularities of the alleged mortgage of 400 acres of land, alleged that the land was not related to TGIIC and hence it was not entitled to the mortgage.
However, Minister Babu said that after the approval of the state cabinet, the land will be transferred to TGIIC through government order.
The Congress minister killed the BRS leader, saying that he was trying to mislead the public on the issue.
The interest rate for bonds is 9.35 percent, while the previous BRS government raised a loan of 10.9 percent from banks and other institutions for Kaleshwaram project, Babu alleged.
He also dismissed the allegation that the underwelling of the land was evaluated by a reputed organization.
The Telangana government’s plan to develop 400 acres of land in Kanch Gachibovli has protested by UOH Students Union to make it a infrastructure.
BRS and BJP also opposed the government’s decision.
Now the case is being heard in Telangana High Court and Supreme Court. The petitioners in HC are alleging that the Congress government in the state will have adverse effects on the flora and fauna of the region.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
