Heritage share price might have been rigged on the bourses: Jagan
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Asserting that the partnership with Gujarat Cooperative Milk Marketing Federation (Amul) will make dairy farming a worthwhile enterprise for almost 30 lakh girls, Chief Minister Y.S. Jagan Mohan Reddy has accused his predecessor N. Chandrababu Naidu of killing cooperative dairies in the State to learn personal ones corresponding to Sangam, Visakha and Jersey and his personal Heritage Dairy.
He mentioned the consistency with which Heritage shares traded at excessive costs every time Mr. Naidu was in energy made one marvel if his firm, which flourished at the price of Chittoor dairy and plenty of small milk unions, resorted to rigging on the inventory exchanges.
Making an announcement in the Legislative Assembly on “Dairy industry in Andhra Pradesh — partnership with Amul” on Friday, Mr. Jagan mentioned Mr. Naidu had deliberately introduced A.P. Mutually Aided Cooperative Societies Act (APMACS) and absorbed six district milk unions into it (APMACS). Of late, Visakhapatnam, Guntur and Prakasam districts cooperative milk unions metamorphosed into personal firms.
In what was a transparent abuse of his official place as Chief Minister, Mr. Naidu had facilitated a mortgage association for farmers with Bank of Baroda with a rider that they need to provide milk to Heritage.
As Mr. Naidu worn out the cooperative dairies, the AP Dairy Development Corporation turned defunct with milk procurement restricted to barely 800 villages and a majority of the Bulk Milk Cooling Units (BMCUs) shut down.
Amul, with which the Andhra Pradesh authorities entered into an MoU on July 21, would pay at the least ₹5 greater than the current price per litre of cow and buffalo milk and distribute the revenue as bonus to farmers.
“Amul is not just the largest dairy in the country, but also stands eighth in the international market. Our government will promote 9,000-plus women cooperative dairy societies and create infrastructure like buildings, BMCUs and automatic milk collection units (with the support of Amul),” Mr. Jagan mentioned, the mission had already been piloted in Chittoor, Kadapa and Prakasam districts.
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