AP Assembly Panel To Protect Rs 2,000-Crore Gajuwaka Land From Seizure by Bank

Vijayawada: Andhra Pradesh Assembly's Petitions Committee has resolved to make all possible efforts to protect 174.43 acres of land worth about Rs 2,000 crore in Gajuwaka constituency of Visakhapatnam from seizure by banks, deputy speaker and petitions’ committee chairman K. Raghurama Krishna Raju said on Tuesday.

He addressed media after chairing a meeting of the committee in the State Legislative Assembly premises. He said the land belongs to the now bankrupt AP Refractories Ltd.

Providing an explanation, Raghurama Krishna Raju said the state government had allotted 174.43 acres to AP Refractories in 1981 for establishing an industrial unit. The company pledged the land to various bankers for raising loans. With the company going bankrupt, the land is now under the threat of seizure.

The deputy speaker said the AP Assembly's Petitions Committee has held detailed discussions with its members on the issue and decided to convene another meeting in the first week of August with senior government officials and bankers to explore ways to resolve the matter and safeguard the valuable property.

Assembly Petitions Committee member and MLA Palla Srinivasa Rao said the land, located along National Highway 16, is highly valuable and should not be lost through the bank recovery process. The land had originally been allotted for industrial development.

Srinivasa Rao further said there is the long-pending issue of Rehabilitation (R) Cards issued to families who had given up land for the Visakhapatnam Steel Plant. He said the regularisation of lands for the 1,203 beneficiaries is still pending and urged the government to complete the process without further delay.

MLAs Konathala Ramakrishna, Gurajala Jaganmohan, and Vishnu Kumar Raju, who are members of the committee, participated in the meeting and the subsequent media interaction.