Tag: Reddys

Telangana: Singareni disputes Kishan Reddy’s claim on its financial position

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Hyderabad: Singareni Collieries Company Ltd (SCCL) has disputed Union Minister G. Kishan Reddy’s claim that it has slipped into debts of Rs 10,000 crore. clarifying that it has deposits of Rs.11,665 crore.
Hours after Tourism and Culture Minister G. Kishan Reddy addressed a news conference in Delhi to allege that due to “inefficiency” of the BRS government of Telangana, Singareni’s debts were mounting by day, the public sector company released a statement saying it’s ridiculous to say that Singareni, which has revenues of Rs 27,000 crore, has huge debts.
Without naming the minister, the SCCL stated that false propaganda was being carried out against it. The company claimed that it is marching ahead with sustainable financial performance.

The SCCL, in which Telangana has 51 per cent stake, said it has deposits of Rs 11,655 crore and it is earning Rs 750 crore every year in the form of interest every year.
The coal company said that its turnover is Rs 32,000 crore while net profits stand at Rs 2,000 crore.
The SCCL said out of Rs 5,300 crore loan raised for thermal power plant, only Rs 2,800 crore is outstanding.
The company management issued the statement after Kishan Reddy told a news conference that Singareni had a bank balance of Rs 3,500 crore in 2014 but it now has debts of Rs 10,000 crore.
He alleged that the BRS government was trying to eat away Singareni, remarking that Singareni which is like a goldmine for Telangana was becoming a victim of BRS corruption.

Kishan Reddy also said that if the Telangana government tried to invest the money of SIngranei into Visakhapatnam Steel Plant, Singareni employees will not keep quiet. He was referring to the plans of the Telangana government to bid for Visakhapatnam Steel Plant through the SCCL.
The central minister alleged that the interference of the BRS government and Chief Minister KCR’s family into Singareni has gone up. He remarked that Singareni had become a pocket company of the KCR family.
Kishan Reddy said KCR government was spreading lies that the Centre was trying to privatise Singareni.
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#Telangana #Singareni #disputes #Kishan #Reddys #claim #financial #position
( With inputs from www.siasat.com )

April 19, 2023
Rally in Pulivendula to protest Bhaskar Reddy’s arrest by CBI

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Kadapa: A rally was organised in Andhra Pradesh’s Kadapa district on Sunday to protest the arrest of Kadapa MP Y.S. Avinash Reddy’s father Y.S. Bhaskar Reddy by the CBI in Y. S. Vivekananda Reddy murder case.
The Central Bureau of Investigation (CBI) arrested Bhaskar Reddy from his residence in Pulivendula and shifted him to Hyderabad, where he will be produced before a magistrate.
Bhaskar Reddy’s supporters took out a rally in the town to protest against the arrest. Shops and business establishments also remained closed as a mark of protest.

A rally was held from R&B Guest House to the Old Bus Stand. Wearing black badges, Bhaskar Reddy’s supporters staged a protest on Kadapa-Tadipatri highway. The protestors set afire an effigy to protest against what they call the biased approach of the CBI.
MLA R. Shivaprasad Reddy alleged that the CBI was targeting Avinash Reddy’s family members instead of taking action against the guilty.
Municipal Chairman Varaprasad also participated in the protest and condemned Bhaskar Reddy’s arrest.
Meanwhile, former MLA Vardarajula Reddy criticized YSR Congress Party (YSRCP) for organising rallies and staging protests. He said the CBI acted as per law to arrest Bhaskar Reddy but it was surprising that the ruling party organised the protest.
The CBI has booked Bhaskar Reddy for criminal conspiracy, murder and for causing disappearance of evidence.

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#Rally #Pulivendula #protest #Bhaskar #Reddys #arrest #CBI
( With inputs from www.siasat.com )

April 16, 2023
Andhra CM Jagan Mohan Reddy’s flight makes emergency landing

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Vijayawada: Andhra Pradesh Chief Minister Jagan Mohan Reddy’s flight made an emergency landing at Gannavaram airport after a technical fault, sources said.
According to sources, the incident was reported shortly after the flight had departed from Gannavaram airport.CM Reddy was to attend a G20 conference in Visakhapatnam. He arrived at Gannavaram airport at 6 pm and the flight took off at 6.05 pm.
However, the pilot noticed a technical fault in the aircraft 10 minutes into take-off and made an emergency landing.
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#Andhra #Jagan #Mohan #Reddys #flight #emergency #landing
( With inputs from www.siasat.com )

March 28, 2023
Telangana MLC polls: Amit Shah expresses happiness at AVN Reddy’s win

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Hyderabad: Union Home Minister Amit Shah today expressed his happiness at the victory of BJP-supported Hyderabad- Mahbubnagar and Ranga Reddy teachers MLC candidate AVN Reddy in the just concluded MLC elections.
In a tweet, he congratulated AVN Reddy and state BJP leaders and workers, who worked hard for the victory of the MLC candidate. He said that the victory of the MLC was an indication that the people of Telangana were ‘vexed’ with the ‘corrupt’ rule of the BRS party-led state government and added that they aspired to see the leadership of Prime Minister Narendra Modi.
Congratulations to Shri AVN Reddy,@bandisanjay_bjp and @BJP4Telangana for the historic victory in Mahbubnagar-Rangareddy-Hyd Teachers’ MLC polls.
This victory shows that Telangana people are fed up with corruption and want a pro-poor, transparent govt under Modi Ji’s leadership.
— Amit Shah (@AmitShah) March 17, 2023
The MLC elections were held on the 13th of this month and the results were declared on Thursday by the election commission.
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#Telangana #MLC #polls #Amit #Shah #expresses #happiness #AVN #Reddys #win
( With inputs from www.siasat.com )

March 17, 2023
Dr. Reddy’s acquires Mayne Pharma’s US prescription portfolio for $105 mn

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Chennai: Indian pharma major, Dr. Reddy’s Laboratories Ltd, through its subsidiary has inked an agreement to acquire the US generic prescription product portfolio of the Australia-based, Mayne Pharma Group Limited, for consideration of about $105 million.
According to Dr. Reddy’s, $90 million will be paid upfront in cash and there will be contingent payments of up to $15 million, towards inventory and credits for certain accrued channel liabilities to be determined on the closing date.
The Indian company said the acquired portfolio of the drugs include 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women’s health.
For the financial period ended June 30, 2022, Mayne Pharma reported a total revenue of $111 million for the acquired portfolio.
The value of total addressable market for the pipeline and approved non-marketed products in the US is nearly $3.6 billion for the calendar year ending in December 2022 according to IQVIA, Dr. Reddy’s said.
Approved high-value products include a hormonal vaginal ring, a birth control pill and a cardiovascular product.
The closing of the transaction is subject to satisfactory completion of customary closing conditions, including the applicable waiting period, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.
“This important acquisition provides our North America organisation with a significant foothold in the women’s health space. The acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets. We are well-positioned to successfully integrate the portfolio and grow the business,” said Marc Kikuchi, Chief Executive Officer, North America business, Dr. Reddy’s.

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#Reddys #acquires #Mayne #Pharmas #prescription #portfolio
( With inputs from www.siasat.com )

February 27, 2023
YSRCP MP raises doubts over CBI probe into Vivekananda Reddy’s murder case

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Hyderabad: YSR Congress Party Lok Sabha member from Kadapa in Andhra Pradesh Y S Avinash Reddy on Friday raised doubts over the ongoing investigations by the CBI into the murder of former state Minister Y S Vivekananda Reddy in 2019.
Avinash Reddy, who appeared before the CBI officials here in connection with the ongoing probe, claimed that the investigation is going on in a way of “targetting a person” rather than with the objective of ascertaining the truth.
“This has been going on like targetting the person rather than aiming to find out the facts. This investigation has been going on targetting the person rather than in the direction of finding out the truth. It is not correct. There are many facts. Anybody will get doubts about the way this investigation is being conducted,” the MP told reporters after appearing before the CBI.
Avinash Reddy further said he submitted a representation to the CBI IO on the “facts” he knew and sought a comprehensive investigation on those as well.
After being issued summons by the CBI, this is the second time that Avinash Reddy is appearing before the central agency, which is probing Vivekananda Reddy’s murder case.
Avinash Reddy, who is related to Vivekananda Reddy, had earlier appeared before CBI in January.
The MP said he was called by the CBI through a notice under Section 160 CrPC (police officer’s power to require attendance of witnesses).
“Whatever the CBI IO (Investigating Officer) questioned, I gave answers to the best of my memory and to the best of my knoweldge. I stand by what I had spoken to media on the day after the death of Vivekananda Reddy,” Avinash Reddy said.

Avinash, a cousin of Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy, said the media should act in a responsible manner over its reporting on the case.
Vivekananda Reddy was the brother of late Andhra Pradesh chief minister Y S Rajasekhara Reddy and uncle of incumbent AP Chief Minister Jagan Mohan Reddy.
He was found murdered at his residence in Pulivendula, the constituency now represented by his nephew, on the night of March 15, 2019, weeks before the state Assembly elections.
Asked on the CBI counter affidavit filed in the High Court opposing the bail of one of the accused in the murder case, Avinash Reddy said he was also asked on that and he gave replies as per his knowledge.
The case was initially probed by a special investigation team (SIT) of the state crime investigation department, but was handed over to the CBI in July 2020.
The CBI had filed a charge sheet in the murder case on October 26, 2021 and followed it up with a supplementary charge sheet on January 31, 2022.
The CBI affidavit had said “Investigation further revealed that YS Avinash Reddy along with other persons, after entering in the house of Vivekananda Reddy and seeing blood in the bedroom and body lying in pool of blood in the bathroom, conveyed to a local political leader that Vivekananda Reddy died due to heart attack.”
Y S Avinash Reddy also informed police that Vivekananda Reddy died due to heart attack and heavy blood vomiting, “as if the death had occurred due to natural causes”, the affidavit said.
“It indicates that he deliberately intended to conceal the design of murder of Vivekananda Reddy. It also indicates that as a part of conspiracy of fake story of heart attack and blood vomiting was floated in a pre-meditated manner to give it a colour of natural death,” the affidavit said.
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#YSRCP #raises #doubts #CBI #probe #Vivekananda #Reddys #murder #case
( With inputs from www.siasat.com )

February 24, 2023