Hyderabad, April 11 (IANS) After BRS alleged Rs 10,000 crore scam in 400-acre Kancha Gachibowli land near Hyderabad Central University, the Congress government hit back at the opposition party, accusing it of conspiring to oppose the development of Telangana, especially Hyderabad.
Hours after Bharat Rashtra Samithi (BRS) working president K. T. Rama Rao held a press conference to make sweeping allegations against Chief Minister A. Revanth Reddy, the IT Industries minister D. Sridhar Babu termed them “nonsensical, non-factual and wild”.
The minister stated that after BRS’ lies based on AI-fabricated audio, pictures and videos were exposed, it started a new line of attack against Hyderabad’s development.
Sridhar Babu said the Telangana government recently won the Supreme Court case regarding taking back 400 acres of land from IMG Bharata, who was allotted the land in 2004.
The Telangana State government through one of its arms, the Telangana State Industrial Infrastructure Corporation (TGIIC), reached out to the financial markets for raising funds, through routine and well-established norms, including the Reserve Bank of India (RBI) and other established precedents of raising of capital by any state government in lieu of its property, he stated.
TGIIC appointed iVAS, a subsidiary of CBRE, an Insolvency and Bankruptcy Board of India (IBBI) certified valuation consultant, in October 2024, which certified the value of the land at Rs 20,563 crore.
“The land is litigation free, post the Supreme Court order. Any insinuation that the said land does not belong to the Telangana State government, is both contempt of court and a direct attack on the developmental prospects of the state, and a misleading conspiracy to stall massive job creation,” said the minister.
He clarified that neither has TGIIC applied for any loan from any bank. Terming it a total lie, he said the government would use its legal instruments against those attempting to mislead people on the issue.
“TGIIC has issued a rated, listed, senior, secured, taxable, redeemable non-convertible debentures on a private placement basis, in response to which, several investment / mutual funds have expressed confidence and invested in the bonds issued by the corporation. The government thus raised Rs 10,000 crore as per RBI guidelines and following all the laws of the land, both Central and State,” he said.
In fact, the state government issued a direct debit mandate in favour of the RBI for the bonds issue of Rs 9,995.28 crore, which the RBI has duly confirmed, he added.
He clarified that on behalf of the investors, a Debenture Trustee had duly conducted an independent valuation of the land and verified that the land is suitable as collateral for the said levels of valuation.
He claimed that the brokerage firm was selected based on a competitive bidding process and was paid as per standard industry norms.
Sridhar Babu advised the BRS not to politicise every issue for no reason and demanded that its leaders stop opposing the development of Hyderabad.
–IANS
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