TDP's bond fund move faces YSRCP roadblock in Andhra Pradesh
Andhra Pradesh government
's bid to raise money through
non-capital debenture bonds
has run into
YSRCP
hurdle, with the Opposition party complaining to Cabinet Secretary and kicking up a political storm.
YSRCP MP YV Subba Reddy has written to Cabinet Secretary TV Somanathan against the issuance of non-capital debenture bonds by Andhra Pradesh Mineral Development Corporation and alleged that the corporation concealed vital information, giving private players an opportunity to "enrich themselves at the cost of the exchequer".
Taking exception to this,
TDP
said the Opposition was trying to scuttle investment. Speaking to ET, Andhra Pradesh IT and electronics minister Nara Lokesh said: "This is unprecedented and highly irresponsible on the part of YSRCP. Far from acting as a constructive Opposition, it is deeply regrettable that YSRCP is hindering the state's progress by writing to lenders to block funds for the state."
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According to sources, Reddy wrote to Somanathan in April and May. In a letter dated May 3, seen by ET, Reddy has alleged "non-disclosure of crucial price-sensitive information to the investors". "Owing to the non-disclosure of this vital price-sensitive information in the key information document regarding the RBI Direct Debit Mandate well in advance, majority of the investors would not be able to secure approvals from their investment committees and only a few investors would participate and would bid at a higher coupon rate, increasing the cost of debt for the issuer (APMDC)." In this letter, he has made a case for Somanathan's intervention and a thorough investigation.
TDP has also accused YSRCP of sending emails to block investment proposals. The party has said these actions have already stalled
investment proposals
worth nearly ₹9,000 crore, particularly in the mining sector.
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"During 2019-24, YSRCP govt was notorious for driving away respected investors like Lulu group, Singapore government and Renew. In the last one year, there is a complete turnaround of investor sentiment under the leadership of our leader Nara Chandrababu Naidu garu. Rather than appreciating and cooperating with this changed climate, YSRCP seems to be trying to take the state backwards again," said Lokesh.
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