Fresh controversy broke out on the Bharati Cements walking away with a huge percentage of the cement orders of the Andhra Pradesh Government. This has happened in the first 10 months of the current financial year. Bharati Cements, in which YS Bharati Reddy is a director, has received 14 percent of all purchase orders for cement made by the Government during this period.
Indian Express, a national daily, has put out a sensational story saying that there was a serious conflict of interest in the cement procurement orders of the AP Government. Bharati Cements, in which Jagan family owns 49 percent stake, got 2,28,370.14 metric tonnes of cement purchase orders from AP Government during April 2020 to January 18, 2021.
Expectedly, Jagan Reddy’s co-accused N. Srinivasan has also got huge orders in this. The India Cements, of which Srinivasan is Managing Director, was the second highest beneficiary in the AP Government’s cement purchase orders. It got orders of 1,59,753.70 metric tonnes. Also, the India Cements has got investments of Rs. 95.32 Cr in Bharati Cements. Incidentally, Srinivasan is named in the CBI’s chargesheet against the AP CM and others.
The India Cements Ltd received the second highest purchase orders of 1,59,753.70 MT, which is about 30 per cent less than Bharathi Cements. The India Cements had investments of Rs 95.32 crore in Bharathi Cement, and had sold it the same year Vicat acquired 51 per cent in Bharathi. The CBI has filed three chargesheets under quid pro quo cases against Dalmia Cements, India Cements, Raghuram Cements (previous name of Bharati Cements) and Penna Cements.
Obviously.