BRS questions Revanth’s investment claims from Davos

BRS leaders Dasoju Sravan and Manne Krishank said the people of Telangana were no longer prepared to subscribe to the “investment narrative” presented by Revanth Reddy

Hyderabad: The Bharat Rashtra Samithi (BRS) on Saturday trained its guns at the claims of investments by Chief Minister A Revanth Reddy from the World Economic Forum summit at Davos, calling it a ‘clear case of cheating’.

BRS leaders Dasoju Sravan and Manne Krishank, addressing a press conference here, said the people of Telangana were no longer prepared to subscribe to the “investment narrative” presented by Revanth Reddy on the deals he could manage at Davos.

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Dismissing the Chief Minister’s claims as “mere gimmick aimed at grabbing the attention of the media”, the BRS leaders said the investment deals included one signed with Godi India, a company which, they alleged, had projected its profit and loss value of Rs.27,73,427.

Krishank wondered how such a company could be expected to invest Rs.8000 crore in the State. Presenting documents highlighting the standing of the company in the corporate sector, he said the company’s authorized share was Rs.1.5 crore and had sold 31 percent of shares to Graphite India for Rs.51 crore.

The company, the paid up capital of which was Rs1.7 crore, had borrowed Rs.1 crore from ICICI bank and Rs.5.5 crore from the Blue Ashwa Capital Fund, Krishank said, adding that while the founding director of the company, Mahesh Godi, hailed from Kovvur mandal in West Godavari district of Andhra Pradesh, the company was floated in Maheshwaram mandal near Shamshabad here while the roots of other directors could be traced to Karnataka.

Dasoju Sravan said Revanth Reddy, who was highly critical of Adani like his party leader Rahul Gandhi, had however changed tracks and was entertaining business deals with Adani in the State. Even Rahul Gandhi too owed an explanation on the need of such an investment support from Adani, he said.

The duo also said some of the investments announced by Revanth Reddy were existing ones. Citing the investment commitment of JSW Energy, Krishank said the same company had signed an agreement while KT Rama Rao was the Industries Minister in 2023. Same was the case with Godrej Company which sought to invest Rs.250 crore in food processing sector in Khammam. Godrej had signed an agreement with the State in January 2023, he said, adding that a major share of the Rs.40,000 crore worth investment deals claimed to have been signed by the Chief Minister were either “dubious ones or old ones” with the companies concerned having already entered into MoUs that were yet to be honoured.