Hyderabad: IT and industries minister D Sridhar Babu on Friday asserted that 400 acres at Kancha Gachibowli is govt land which is free of litigation following the Supreme Court order. Any insinuation that it does not belong to the state govt is both contempt of court and a direct attack on Telangana’s development as well as conspiracy to stall job creation, he said.
Reacting sharply to allegations of BRS working president KT Rama Rao on the land issue, he said: “After the pink (BRS) lies based on AI-fabricated audio, pictures and videos were exposed, a new line of attack against Hyderabad’s development has been started.”
Rubbishing BRS claims, Sridhar Babu said the state govt, through one of its arms, the Telangana State Industrial Infrastructure Corporation (TGIIC), reached out to financial markets for raising funds through routine and well-established norms, including the Reserve Bank of India (RBI) and other established precedents of raising capital by any state govt in lieu of its property.
TGIIC appointed iVAS, a subsidiary of CBRE, an Insolvency and Bankruptcy Board of India (IBBI-certified) valuation consultant, in Oct 2024, which certified the value of the land at Rs 20,563 crore.
“Neither has TGIIC applied for any loan from any bank, including the ICICI, nor, therefore, has ICICI given any loan to TGIIC. It is a total lie, and the govt shall use its legal instruments against any and all people who are attempting to mislead people on the issue. TGIIC has issued 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. ICICI Bank is just a partner bank for the entire transaction,” Sridhar Babu said.
The govt 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 govt of Telangana issued a direct debit mandate in favour of the RBI for the bonds issue of Rs 9,995.28 crore, which the RBI duly confirmed.
While there is no question of any bank visiting the field because no loan was taken, on behalf of the investors a debenture trustee duly conducted an independent valuation of the land and verified that it is suitable as collateral for the said levels of valuation, he said. The brokerage firm was selected based on a competitive bidding process and paid as per standard industry norms, he said.
“We sincerely advise the BRS not to politicise every issue for no reason and demand that its leaders stop opposing the development of Hyderabad. These mindless, Luddite reactions of BRS leaders do not augur well for democracy, the people and the state. Just because people defeated you in elections, don’t consider people your enemy,” Sridhar Babu said.
Reacting sharply to allegations of BRS working president KT Rama Rao on the land issue, he said: “After the pink (BRS) lies based on AI-fabricated audio, pictures and videos were exposed, a new line of attack against Hyderabad’s development has been started.”
Rubbishing BRS claims, Sridhar Babu said the state govt, through one of its arms, the Telangana State Industrial Infrastructure Corporation (TGIIC), reached out to financial markets for raising funds through routine and well-established norms, including the Reserve Bank of India (RBI) and other established precedents of raising capital by any state govt in lieu of its property.
TGIIC appointed iVAS, a subsidiary of CBRE, an Insolvency and Bankruptcy Board of India (IBBI-certified) valuation consultant, in Oct 2024, which certified the value of the land at Rs 20,563 crore.
“Neither has TGIIC applied for any loan from any bank, including the ICICI, nor, therefore, has ICICI given any loan to TGIIC. It is a total lie, and the govt shall use its legal instruments against any and all people who are attempting to mislead people on the issue. TGIIC has issued 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. ICICI Bank is just a partner bank for the entire transaction,” Sridhar Babu said.
The govt 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 govt of Telangana issued a direct debit mandate in favour of the RBI for the bonds issue of Rs 9,995.28 crore, which the RBI duly confirmed.
While there is no question of any bank visiting the field because no loan was taken, on behalf of the investors a debenture trustee duly conducted an independent valuation of the land and verified that it is suitable as collateral for the said levels of valuation, he said. The brokerage firm was selected based on a competitive bidding process and paid as per standard industry norms, he said.
“We sincerely advise the BRS not to politicise every issue for no reason and demand that its leaders stop opposing the development of Hyderabad. These mindless, Luddite reactions of BRS leaders do not augur well for democracy, the people and the state. Just because people defeated you in elections, don’t consider people your enemy,” Sridhar Babu said.
