Kiran refuses to meet UAE firm
Chief Minister N. Kiran Kumar Reddy on Thursday turned down the request for a meeting from a delegation from the Ras Al Khaima Infrastructure Authority, sources said. The official team was in the city in connection with the ongoing CBI probe into the Vadarevu Nizampatnam Ports Industrial Corridor project as part of the Jagan assets case.
The RAKIA entered into Vanpic as 51 per cent equity holder and the YSR government awarded them the project under the garb of a government-to-government transaction. But the CBI found that changes were made in the concession agreement, limiting RAKIA’s equity to 26 per cent. The CBI alleged that the foreign partner pumped in Rs 450 cr for land allotment out of which Rs 150 cr was spent for land acquisition by the Indian partner, Nimmagadda Prasad.
RAK, one of the United Arab Emirates, moved diplomatic channels also to retain the project amidst speculations that the state government might change or cancel the award decision. The government of RAK wrote to Prime Minister Manmohan Singh, expressing its keenness to develop the mega infra and industrial project. “Meeting the delegation may send wrong signals at this juncture,” a CMO official pointed out.
Comments
UAE and particularly Abu
john
13 Jun 2012 - 21:38
UAE and particularly Abu Dhabi and Dubai, needs those "mega infra and industrial project" to push their economy beyond the oil economy.
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