Telangana Minister Defends Development Efforts Amid BRS Land Scam Claims
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Synopsis
On April 11, the Telangana government responded to BRS's accusations of a Rs 10,000 crore scam linked to land near Hyderabad Central University, asserting that such claims are hindering the state's development efforts.
Key Takeaways
- BRS's allegations involve a Rs 10,000 crore land scam.
- The Congress government accuses BRS of obstructing Telangana's development.
- Supreme Court ruling favored the Telangana government regarding 400 acres of land.
- Telangana State Industrial Infrastructure Corporation raised Rs 10,000 crore legally.
- Independent valuation confirmed the land's worth at Rs 20,563 crore.
Hyderabad, April 11 (NationPress) Following the allegations of a Rs 10,000 crore scam concerning a 400-acre plot in Kancha Gachibowli near Hyderabad Central University, the Congress government retaliated against the BRS, accusing them of attempting to hinder the progress of Telangana, particularly in Hyderabad.
Shortly after Bharat Rashtra Samithi (BRS) working president K. T. Rama Rao held a press briefing making broad accusations against Chief Minister A. Revanth Reddy, IT Industries Minister D. Sridhar Babu dismissed these claims as “nonsensical, non-factual, and outrageous.”
The minister asserted that once the BRS’s fabrications based on artificially created audio, images, and videos were revealed, they initiated a fresh campaign against the development of Hyderabad.
According to Sridhar Babu, the Telangana government has recently emerged victorious in a Supreme Court case regarding the retrieval of 400 acres of land from IMG Bharata, which was granted the land back in 2004.
The Telangana State government, via its agency Telangana State Industrial Infrastructure Corporation (TGIIC), accessed financial markets to raise funds through established and routine methods, including the Reserve Bank of India (RBI) and other accepted capital-raising practices by state governments.
TGIIC appointed iVAS, a subsidiary of CBRE and an Insolvency and Bankruptcy Board of India (IBBI) certified valuation consultant, in October 2024, which appraised the land’s value at Rs 20,563 crore.
“The land is free from litigation, following the Supreme Court ruling. Any suggestion that this land does not belong to the Telangana State government is both a contempt of court and a direct attack on the state’s developmental prospects, as well as a misleading conspiracy to obstruct significant job creation,” the minister stated.
He emphasized that TGIIC has not sought any loans from any financial institution. Calling this a complete fabrication, he asserted that the government would employ its legal tools against those misleading the public on this matter.
“TGIIC has issued a rated, listed, senior, secured, taxable, redeemable non-convertible debenture via private placement, which has attracted interest from multiple investment and mutual funds, demonstrating confidence in the bonds issued by the corporation. Consequently, the government raised Rs 10,000 crore in line with RBI regulations and in compliance with all applicable laws, both Central and State,” he remarked.
In fact, the state government executed a direct debit mandate in favor of the RBI for the bond issue of Rs 9,995.28 crore, which the RBI has confirmed as valid, he added.
He also clarified that a Debenture Trustee had conducted an independent valuation of the land on behalf of the investors and verified its suitability as collateral for the specified valuation levels.
He mentioned that the brokerage firm was selected through a competitive bidding process and compensated according to standard industry practices.
Sridhar Babu urged the BRS not to politicize every issue without cause and demanded that its leaders cease their opposition to the development of Hyderabad.
