Hyderabad: Singareni Collieries Company Ltd (SCCL) has disputed Union Minister G. Kishan Reddy’s claim that it has slipped into debts of Rs 10,000 crore. clarifying that it has deposits of Rs.11,665 crore.
Hours after Tourism and Culture Minister G. Kishan Reddy addressed a news conference in Delhi to allege that due to “inefficiency” of the BRS government of Telangana, Singareni’s debts were mounting by day, the public sector company released a statement saying it’s ridiculous to say that Singareni, which has revenues of Rs 27,000 crore, has huge debts.
Without naming the minister, the SCCL stated that false propaganda was being carried out against it. The company claimed that it is marching ahead with sustainable financial performance.
The SCCL, in which Telangana has 51 per cent stake, said it has deposits of Rs 11,655 crore and it is earning Rs 750 crore every year in the form of interest every year.
The coal company said that its turnover is Rs 32,000 crore while net profits stand at Rs 2,000 crore.
The SCCL said out of Rs 5,300 crore loan raised for thermal power plant, only Rs 2,800 crore is outstanding.
The company management issued the statement after Kishan Reddy told a news conference that Singareni had a bank balance of Rs 3,500 crore in 2014 but it now has debts of Rs 10,000 crore.
He alleged that the BRS government was trying to eat away Singareni, remarking that Singareni which is like a goldmine for Telangana was becoming a victim of BRS corruption.
Kishan Reddy also said that if the Telangana government tried to invest the money of SIngranei into Visakhapatnam Steel Plant, Singareni employees will not keep quiet. He was referring to the plans of the Telangana government to bid for Visakhapatnam Steel Plant through the SCCL.
The central minister alleged that the interference of the BRS government and Chief Minister KCR’s family into Singareni has gone up. He remarked that Singareni had become a pocket company of the KCR family.
Kishan Reddy said KCR government was spreading lies that the Centre was trying to privatise Singareni.