Naidu trying to gain political mileage, says Jagan
Staff Reporter
Y.S. Jaganmohan Reddy
PULIVENDULA: Y.S. Jaganmohan Reddy, son of Chief Minister Y.S. Rajasekhara Reddy, on Wednesday charged Telugu Desam Party president N. Chandrababu Naidu with ‘stooping’ down to level baseless charges against him and his hydro-electric power company.
Mr. Naidu, he said, was free to complain to any official against Sandur Power Company in Karnataka, Mr. Jaganmohan Reddy said at a press conference here and added that he would cooperate with the inquiry.
Charging Mr. Naidu with targeting him, although he was not in politics with a view to tarnishing YSR’s image, he urged the TDP leader not to try to scare investors by his propaganda.
Expansion plans
Mr. Jaganmohan Reddy explained that he set up the Sandur Power Company five years ago, much before YSR became Chief Minister. He wanted to expand the capacity of his hydro-electric power company to 37.5 MW and complete civil works.
A top valuation firm put the company’s value at Rs. 360 crore following which Sandur Power Company sold 33 per cent of its stake for Rs. 120 crore.
The Punjab National Bank granted a loan of Rs. 24 crore out of his expansion cost of Rs. 27 crore and he pooled up the rest from internal accruals.
The disinvestment and expansion helped the firm clear debts and earn revenue of Rs. 20-30 crore. Karnataka purchases the entire power produced and makes payment by the metered power drawn and hence there was no scope for ‘hanky panky’, he said.
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