VIJAYAWADA: BJP MP GVL Narasimha Rao has said his party will move a privilege motion in the Assembly against Chief Minister N Chandrababu Naidu for lying in the House regarding the internal rate of return (IRR) of the greenfield petrochemical complex proposed in Kakinada. He said the BJP was also mulling to file a contempt petition in the Bombay High Court against Naidu for using the Non-Bailable Warrant (NBW) issued by the Dharmabad magistrate to derive political mileage.
In a press meet here on Tuesday, GVL hit out at the Chief Minister for misleading the Assembly and public by alleging that the Centre was seeking high Viability Gap Funding (VGF) from the State government to take the project forward. “The CM stated in the Assembly that other States such as Rajasthan were sanctioned similar project for a lower IRR of 10 per cent, while 14 per cent was required for AP.
There is no truth in it. The State was asked for a VGF of `948 crore per annum for 15 years, in the form of interest-free loan, which is in fact lesser than what Rajasthan and Odisha governments are paying,” he explained.
While Rajasthan government was paying `1,438 crore per year for 15 years to HPCL as VGF for the Barmer Refinery and Petroleum Complex, Odisha government has agreed to pay `10,500 crore for 15 years for Paradip Refinery, he asserted. GVL also found fault with the TDP for allying with the Congress.