'False Propaganda': Singareni Dismisses Union Minister Kishan Reddy's 'Rs 10,000 Cr Debt' Remark
Singareni Collieries Company Ltd. disputes Union Minister G. Kishan Reddy's claim on its financial position
New Delhi: Singareni Collieries Company Ltd. (SCCL) has decried Union Minister G. Kishan Reddy's claim that it has slipped into debts of Rs 10,000 crore.
Speaking to reporters in Delhi on Wednesday, Kishan Reddy alleged that the Telangana government has pushed SCCL into debt and demanded that CM K. Chandrashekar Rao release a white paper on the situation.
Hours after Minister G. Kishan Reddy's claim, the management of the company said in a statement that SCCL has deposits to the tune of Rs. 11,665 crore with a yearly interest accrual of Rs. 750 crore. The company has a turnover of Rs. 32,000 crore and profits of Rs. 2,000 crore.
The company has ridiculed the allegation that it has Rs. 10,000 crore of debt, clarifying that it has revenues of Rs 27,000 crore.
The SCCL further said that out of the Rs 5,300 crore loan raised for the thermal power plant, only Rs 2,800 crore is outstanding.
Without naming the minister, the SCCL stated that false propaganda was being carried out against it. The company claimed that it was marching ahead with sustainable financial performance.
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Kishan Reddy told in a news conference that the BRS government was bringing down the entire Singareni ecosystem, 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 Singareni into the Visakhapatnam Steel Plant, the employees of Singareni would not keep quiet.
He was referring to the plans of the Telangana government to bid for the Visakhapatnam Steel Plant through the SCCL.
The central minister alleged that the interference of the BRS government and Chief Minister KCR's family in Singareni has gone up. He remarked that Singareni had become a pocket company of the KCR family.
Kishan Reddy further stated that the KCR government was spreading lies that the Centre was trying to privatise Singareni.
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