HYDERABAD: Rejecting claims of favouritism regarding an investment proposal by SwachhBio, a company owned by the brother of the chief minister, IT and Industries Minister D Sridhar Babu on Saturday said that the allegations were nothing but a misinformation campaign against the recently announced bioethanol project.
Addressing the media at the Secretariat, Sridhar Babu said: “SwachhBio may be a newly incorporated entity, but it has partnered with Suganit Renewables and holds eight patents in the bioethanol production cycle, including advanced 2G ethanol technology. The company has sufficient resources and plans to establish multiple units across Telangana. The MoU signed is a standard agreement, and no special concessions, including land or incentives, have been provided by the government.”
He stressed the importance of fostering investment in the state while urging the critics of the government to refrain from levelling baseless allegations. “Everyone should contribute to the growth and prosperity of Telangana. The government is open to investments from all quarters, including those from relatives of our critics,” Sridhar Babu said.
He also disclosed details about the proposed new industrial policy as well as a policy for Micro, Small, and Medium Enterprises (MSMEs). “A special cell would be established to monitor and follow up on investments agreed upon by various companies. We are committed to continuously attracting investments to Telangana,” the minister said.
Commenting on the previous government’s investment achievements, Sridhar Babu claimed that during the visit of former chief minister K Chandrasekhar Rao to China, agreements were made for investments totaling Rs 1,000 crore, but only Rs 100 crore to Rs 200 crore materialised. “Only 30% to 35% of the promised investments were grounded under the previous BRS government. Our government would follow up with companies that have yet to fulfil their investment commitments,” the minister said.
He further alleged that the previous administration issued subsidy sanction letters worth Rs 3,700 crore but failed to release the funds. “In contrast, our government will carry forward the positive initiatives of the BRS regime,” Sridhar Babu said.
Responding to comments of Galla Jayadev, the chairperson of Amar Raja Group, expressing doubt about the ability of the Telangana government to honour commitments made by the previous administration, Sridhar Babu said: “Finances are managed by the finance minister and chief minister. We are doing our best to honour all promises and concessions declared by the previous government to industries.”
He also made it clear that Chief Minister A Revanth Reddy assured the company that it would be extended the incentives promised by the previous regime.