FDNA opposes move to sell away govt.’s stake in Gangavaram Port
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The Forum for Development of North Andhra (FDNA) has appealed to Chief Minister Y.S. Jagan Mohan Reddy in opposition to going forward with the choice of the Cabinet to sell away 10.39% of its stake in Gangavaram Port to the Adani Group.
In a letter to the Chief Minister on Friday, FDNA basic secretary A. Aja Sarma mentioned that the land given to the Gangavaram Port by then State authorities was unfold over 2,800 acres, which was initially acquired for the Visakhakhapatnam Steel Plant (VSP). The earlier authorities had allotted the land to the Gangavaram Port at a value a lot beneath the market value.
“Had the then government given it at the market price, it would have held 90% of the stake and the Gangavaram Port would have been in the public sector now. The wrong decision had caused loss to the government and benefitted the private port,” mentioned Mr. Aja Sarma.
The State authorities is now planning to sell away 10.39 % of its stake to the Adani group for ₹645 crore, which is far decrease than the market value of the land fastened by the Registration and Stamps Department, he mentioned
The proposed sale of Gangavaram Port land to the Adani group and the choice of the Centre to sell away the VSP land to the POSCO would give undue benefit to these personal gamers, mentioned Mr. Aja Sarma and urged the State authorities to overview the Cabinet choice.
The Adani Group has already acquired the 89.61% of stake from the 2 personal entities and is now planning to purchase the federal government’s share of 10.39% stake in the port. The move would give whole freedom to the Adani group to act as per its whims and fancy, he mentioned.
Mr. Aja Sarma additionally recalled that the general public sector Visakhapatnam Port had come ahead to arrange the port at Gangavaram, however the then State authorities had favoured the personal entity for unknown causes. He demanded that the State authorities ought to take over the Gangavaram port.
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