Becomes lone participant in tender-cum-auction process
Cuddapah, April 26, 2007Raghuram Cements which had the son of Andhra Pradesh Chief Minister Dr. YS Rajasekhara Reddy, Mr. YS Jagan Mohana Reddy as a Director, has finally got the land in Kadapa it is looking for. The Cement company is the lone participant in the tender-cum-auction process that was conducted for the second time. The land was acquired at a cost of Rs. 1 lakh per acre.
This is the second time that the auction process was called for the land. The auction process was first held on April 18 which had Raghuram Cements as the lone participant and hence the postponed the process stating lack of competitors. The second time bidding too remained the same and hence the land allotment was in favor of the Raghuram Cements.
Raghuram Cements is planning to come up with a cement factory in the region. The factory would cost about Rs. 500 crores. Limestone, a key element in the manufacture of cement will be taken up in the land acquired.
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