The Central Bureau of Investigation on Saturday grilled BCCI president and India Cements owner N. Srinivasan for the second time in connection with Y.S. Jagan Mohan Reddy’s illegal investments case at the Dilkusha Guest House. India Cements is named as an accused in the case and it is alleged that the company invested Rs 140 crore in Jagan’s companies as quid pro quo for water allocation GOs.
The CBI has alleged that India Cements was allotted water supply without considering the aspect of inter-state water resources and payment of royalty and was granted permission for utilising 13mcft of water annually from the Kagna river, in addition to the existing permission of 10 lakh litres per day in 2009. In 2008, the state permitted India Cements to draw 10 lakh gallons a day including the three lakh gallons of water already permitted from the Krishna river. India Cements was granted extension of land lease for a further period of 25 years from July 2003 to July 2028. As quid pro quo India Cements invested an amount of Rs 40 crore in Jagati Publications and Rs 100.32 crore in Y.S. Jagan Mohan Reddy’s group of companies.