The Hindu Business Line : Centre to decide on equity infusion for Fab City: AP CM

THE Central Government would soon decide on the quantum of equity infusion in the Fab City project, according to the State Chief Minister, Dr Y.S. Rajasekhara Reddy.

Speaking to newspersons here today, Dr Reddy said that the State bagged this mega project, which could eventually employ about 5-6 lakh people when completed, amidst stiff competition from neighbours, particularly Karnataka.

"We bagged the project based on State's strengths and the efforts made to strengthen the infrastructure and not merely offering certain sops as made out. However, this meant a lot of efforts from his Government and hectic lobbying," he said.

Asked to comment about the statement by the Karnataka Chief Minister, Mr H.D. Kumaraswamy, about his State matching the incentives offered by Andhra Pradesh and explore options to attract SemIndia, Dr Reddy said as far as this project is concerned, the chapter is closed and the choice of Hyderabad is final.

"We don't have anything against any State, and I am not a rival of anybody. We just did our best to ensure that a mega project comes to the State. We worked hard. Merely stating that the State bagged this project based on the sops is not fair. There are several strengths which investors are enthused with," he explained.

Dispelling any doubts about renegotiation on the Rs 13,500-crore SemIndia project, Dr Reddy said that a memorandum of understanding would be entered into on the project shortly. The choice of the centre is a business decision which the promoters have taken and this is unlikely to change.

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