CM's son Jagan Mohan Reddy is on the company board
Hyderabad, March 29, 2007The State Cabinet that met under the chairmanship of the Chief Minister, Dr YS Rajasekhara Reddy on Thursday approved the alienation of the land at Rs. 1 lakh per acre. The land allotment is believed to have been made in Kadapa district in the name of a cement manufacturing company on whose board YS Jagan Mohan Reddy, the son of Chief Minister, is a Director. When the issue came up for discussion, the Chief Minister sat out of the proceedings.
According to sources, Raghuram Cements, a Hyderabad-based company is setting up a factory near Yerraguntla in Kadapa district. The Company approached the Government for land and it was decided that 87acres would be allotted to Tippaluri village of Yerraguntla mandal and 400 more in Nalingapalli of Kamalapur mandal.
According to reliable sources, the prevailing market rate in the said mandals is around Rs. 15,000 to Rs. 18,000 per acre, the District Collector recommended Rs. 50,000 per acre while CCLA suggested a price of Rs. 1 lakh per acre. One of the Minister said that even though the price of the land is low, it decided to hike the price to ward of criticism from the opposition parties.
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