Hyderabad: Telangana’s IT and Industries Minister, D. Sridhar Babu, strongly responded to accusations made by BRS MLA KT Rama Rao regarding the Kancha Gachibowli lands issue. He called the allegations “nonsensical, non-factual, and wild.”
Sridhar Babu clarified that the criticisms came after previous false claims—based on AI-generated content—were debunked. He said that a new wave of attacks is now aimed at slowing down Hyderabad’s development.
Recently, the Telangana government won a Supreme Court case to reclaim 400 acres of land in Kancha Gachibowli. The land was originally given to a private company, IMG Bharata, in 2004. After a long legal battle in both the High Court and Supreme Court, the land now legally belongs to the state.
To raise funds for development, the Telangana State Industrial Infrastructure Corporation (TGIIC), a government body, used this land as a financial asset. They followed all official procedures, including approvals from the Reserve Bank of India (RBI).
In October 2024, a government-approved valuation consultant, iVAS (a subsidiary of CBRE), assessed the land’s value at ₹20,563 crore. The land is now free of legal issues after the Supreme Court’s decision. Sridhar Babu warned that any claims suggesting the land doesn’t belong to the government are not only false but also go against the court’s ruling and harm the state’s development.
He also clarified that TGIIC did not take any loans from ICICI Bank or any other bank. He said this claim is completely false and that legal action would be taken against those spreading misinformation.
Instead of loans, TGIIC raised ₹10,000 crore by issuing bonds, which were bought by investment and mutual funds. These bonds are secure and follow all legal and financial rules. ICICI Bank only played a supporting role in the transaction and was not a lender.
The state government also issued a direct debit order to the RBI for ₹9,995.28 crore, and the RBI approved it. Since there was no loan involved, there was no need for bank officials to visit the land.
Finally, a Debenture Trustee independently checked the land’s value and confirmed it was suitable as collateral. A brokerage firm was chosen through a competitive process and paid according to standard rates.
Minister Sridhar Babu concluded that the government followed all legal steps and that the project is vital for job creation and the state’s economic growth.
