Telangana govt, SBI reach amicable solution to land row

Hyderabad, Jun 27 (PTI): The Telangana government and the State Bank of India (SBI) arrived at an amicable solution to a row between the two sides over a land parcel here on Saturda.

Telangana govt, SBI reach amicable solution to land row

Hyderabad, Jun 27 (PTI): The Telangana government and the State Bank of India (SBI) arrived at an amicable solution to a row between the two sides over a land parcel here on Saturday.

In continuation of a meeting on June 22, talks were held between the state government and the SBI on Saturday.

Chief Secretary K Ramakrishna Rao led the state officials at the meeting with the representatives of the SBI, according to an official release.

During the discussions, having visited the locations suggested by the government on June 23 (for land allotment), the SBI agreed to the alternative proposals, the release said.

SBI officials said further action would be taken after obtaining the approval of their board.

"Necessary measures in the matter will also be initiated in line with the ongoing court proceedings. After the discussions, SBI and the state government arrived at an amicable and mutually-agreeable solution to the issue. The matter will be concluded expeditiously after completion of the requisite statutory formalities," the release said.

The bone of contention between the government and the SBI was a five-acre land parcel here.

The land at Raidurg was reportedly allocated to the SBI in 2010 by the then Congress government for the bank's corporate headquarters.

However, the SBI did not build the facility and the Telangana Industrial Infrastructure Corporation (TGIIC) recently auctioned the land, which fetched more than Rs 200 crore per acre.

The SBI had approached the court against the move. With the bank securing a stay from the Telangana High Court on the auction proceedings of the TGIIC, a displeased state government has reportedly threatened to shift all its accounts out of the SBI.

However, a thaw has emerged between the two sides following talks held on June 22. PTI SJR RC

(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)