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The Reddy Brothers said on Friday that they have sold their entire stake in Karnataka unit of Bramhani Industries to Miglani family, promoters of high-grade steel makers Uttam Galva Steels for Rs 285 crore, giving up their sole business interests in the State in the wake of allegations over mining activity.
The Karnataka Tourism Minister, Mr G. Janardhana Reddy, told PTI that the deal was signed in the first week of this month and the new promoters' have rechristened the company as ‘Uttam Galva Ferrous'
“We wanted to set up a steel plant in Bellary and had invested Rs 285 crore... Now Uttam Galva, the Miglani family has taken it over. It has been sold at par,” Mr Reddy, who is also the Chairman of Bramhani Industries, said.
The Reddy Brothers have been facing flak from different quarters for their alleged involvement in illegal mining in the Bellary region of the State.
The Reddy brothers had already acquired 5,000 acres of land for putting up the steel plant in Karnataka, but work could not be started due to various issues.
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