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Yet Another Shock To Navayuga From YCP Govt
By: Tupaki Desk | 21 Oct 2019 4:34 PM GMT
Navayuga Engineering which bagged major infrastructure projects during Congress and TDP Rule has been facing a tough situation ever since YSR Congress Party formed the government in AP. YS Jaganmohan Reddy had terminated the contracts allotted to Navayuga whether its related to Polavaram Project or Power Projects or Machilipatnam Sea Port. And now, Focus shifted to Krishnapatnam Port.
Way back in 2008, YSR-led Congress Government sanctioned 4,371 acres to Navayuga Engineering's sister concern Krishnapatnam Port Infrastructure Limited (KPIL) for the creation of Special Economic Zone near Krishnapatnam in Nellore District. The actual plan was to establish chemical factories, food processing industries, automobile plants and IT/ITES for generating massive employment opportunities. However, KPIL failed to show any progress what-so-ever in the past decade but obtained loans to the tune of Rs 2,000 crore mortgaging these lands.
AP Industrial Infrastructure Corporation (APIIC) issued orders to take back the 4,731 acres of land allotted for KPIL with immediate effect. It even treated the amount paid by KPIL to APIIC as a penalty for not honouring the agreement.
Way back in 2008, YSR-led Congress Government sanctioned 4,371 acres to Navayuga Engineering's sister concern Krishnapatnam Port Infrastructure Limited (KPIL) for the creation of Special Economic Zone near Krishnapatnam in Nellore District. The actual plan was to establish chemical factories, food processing industries, automobile plants and IT/ITES for generating massive employment opportunities. However, KPIL failed to show any progress what-so-ever in the past decade but obtained loans to the tune of Rs 2,000 crore mortgaging these lands.
AP Industrial Infrastructure Corporation (APIIC) issued orders to take back the 4,731 acres of land allotted for KPIL with immediate effect. It even treated the amount paid by KPIL to APIIC as a penalty for not honouring the agreement.
