TG government unsecured Kancha Gachibowli land to receive Rs 100 crore loan from ICICI: CONG

Hyderabad: Tirthevent and the Financial Company purchased 9,99,528 bonds, each worth 100,000, issued by TG Industrial Infrastructure Corporation (TGIIC). Congress said on Saturday that TGIIC raised $9.9995 billion in fundraising through the bonds with the approval of the Reserve Bank of India and supported by the state government.

There is no doubt that the government or TGIIC has not mortgaged 400 acres of Kancha Gachibowli land with ICICI Bank to raise what the BRS claims is 10 billion euro loan.

Among buyers, Morgan Stanley Asia (Singapore) PTE is 248,000 bonds at Rs 248,000. Barclays Bank Plc then, worth 100,000 bonds, worth Rs 10,000 crore. The party said Pvt Ltd, a junior Indian dealer in Morgan Stanley, has acquired 90,000 bonds for Rs 90 crore. Other major buyers are Aditya Birla, Kotak Mahindra and Nomura.

In response to the allegations of BRS work chairman KT Rama Rao, who said the Congress government has mortgaged Kancha Gachibowli to ICICI Bank to raise Rs 1,000 crore through TGIIC, Congress issued a document to support its claims. Congressman Chamala Kiran Kumar Reddy, who published the paper in Gandhi Bhavan, said Rama Rao is known for spreading fake news and gradually succumbing to new lows, with his baseless allegations against Kacha Gachibowli, the Congressional government and the ICICI bank.

“We want to clarify that we have not provided any mortgage loans to Telangana State Industrial Infrastructure Corporation (TSIIC, which has been renamed TGIIC), and TSIIC does not have any land related to us in connection with our bond issuance.

The development comes in the context of Rama Rao’s allegations sparked by the Congress-led state government, who claimed that the 400 acres of land had raised Rs 1,000 crore at Kancha Gachibowli to ICICI Bank.

“There is no mortgage, no Rs 100,000 crore loans from the ICICI bank to the government,” said Kiran Kumar Reddy. “The KTR’s claim is unfounded and part of the model for spreading fake news.”

The funds raised through bond sales were deposited into the ICICI bank’s TGIIC account, from which the proceeds were transferred to the state, MPs said. He accused Rama Rao of misrepresenting the facts and trying to mislead the public. He said in a mocking tone: “KTR said he would explode the ‘truth’ hydrogen bomb on Kancha Gachibowli land within 24 hours, but that didn’t even constitute an onion bomb.”

Kiran Kumar Reddy dismissed Rama Rao’s claim that land is prone to litigation or forest property and asserted that the investment company’s due diligence has confirmed the clear legal status and ownership of the government. “No one invested tens of millions without verifying the land condition. This proves that 400 acres are not controversial and owned by the government,” Kiran Kumar Reddy said.

Rama Rao resolved the conflicting valuation of the land by BRS leaders, fixing it at Rs 52 billion, while another BRS MLA claims it was Rs 2 billion – Kiran Kumar Reddy questioned their credibility. He asked, “Who should we believe, you may believe there is a zoo in Hyderabad, but do you believe there is a forest in Kancha Gachibowli?”

He called on the BRS to stop disrupting the governance process and instead contributed constructively. He urged: “After years of mismanagement of the former BRS government, we are rebuilding Telangana. Join our efforts and if there is any problem, please bring it to us – we will solve it.”