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Posts Tagged ‘Brahmani Steel to sue Mysoora: Eenadu and Jyothi’

HYDERABAD:

Reacting strongly to the allegations levelled by Telugu Desam leader and Rajya Sabha member M.V. Mysoora Reddy, promoter of Brahmani Steel Plant and MLC of Bellary G. Janardhana Reddy said that he would file criminal defamation cases against Mr Mysoora Reddy, and Telugu dailies Eenadu and Andhra Jyothi.

Speaking to reporters here on Wednesday, Mr Reddy alleged that the TDP leader, and the two Telugu dailies were trying to block the progress of the Brahmani Steel Plant, coming up in the backward area of Kadapa district and is expected to create employment opportunities to lakhs of people in the district.
                

The company is setting up a second steel plant in the State with an initial installed capacity of two million tonnes, on par with the Visakhapatnam Steel Plant. The first phase of the steel plant would be completed in 18 months with an investment of Rs 4,500 crores. The State government has allotted 10,675 acres of land in Jammalamadugu in Kadapa district for the plant.
                

 “Mr Mysoora Reddy alleged that I don’t have the financial resources and that my entire family’s net worth is only Rs 30 crores. But the net worth of myself and my wife is Rs 115 crores. I own a helicopter which I purchased for Rs 15 crores, a deluxe bus for Rs 4 crores and cars worth Rs 5 crores.
                

 My group’s turnover in 2006-07 was Rs 2,008 crores for which I have filed IT returns. Out of this, Obulapuram Mining Ltd, which is into iron ore business, had a turnover of Rs 1,200 crores,” Mr Reddy pointed out.
                

“Mr Mysoora has said that nowhere in the world a steel plant has been set up in more than 1,000 acres. Forget the world, our own Vizag Steel Plant in Visakhapatnam is spread over 28,000 acres. Jindal Steel Plant in Bellary has 8,000 acres under its possession,” Mr Reddy remarked.

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