1 month ago
AP Panel Aims to Protect Rs 2,000-Crore Gajuwaka Land
The Andhra Pradesh Assembly's Petitions Committee is trying to protect a large piece of land worth Rs 2,000 crore in Gajuwaka from being taken by banks.
This land was given to a company called AP Refractories Ltd.
in 1981 for industrial use.
The company took loans from banks and used the land as collateral.
Now that the company is bankrupt, the banks want to take the land.
The committee is meeting with government officials and bankers to find a solution.
They also want to help people who gave up their land for the Visakhapatnam Steel Plant but are still waiting for their Rehabilitation Cards.
The AP Assembly's Petitions Committee aims to protect 174.43 acres of land worth Rs 2,000 crore in Gajuwaka from bank seizure.
The land was allotted to AP Refractories Ltd. in 1981 for industrial development.
The company pledged the land to banks for loans and is now bankrupt, threatening the land's seizure.
The committee will meet with government officials and bankers in the first week of August to resolve the issue.
The committee also urged the government to complete the process of issuing Rehabilitation Cards to 1,203 beneficiaries.
- Who
- Andhra Pradesh Assembly's Petitions Committee, AP Refractories Ltd., Banks
- What
- Efforts to protect 174.43 acres of land from bank seizure
- Where
- Gajuwaka, Visakhapatnam
- When
- Meeting held on Tuesday, next meeting in the first week of August
- Why
- To safeguard valuable industrial land and resolve the issue of Rehabilitation Cards
Protecting Industrial Land
Bank Recovery Process
Land Protection
Protecting Industrial Land
The AP Assembly's Petitions Committee aims to protect 174.43 acres of land worth Rs 2,000 crore in Gajuwaka from seizure by banks.
Bank Recovery Process
Banks are seeking to seize the land as collateral for loans given to the now-bankrupt AP Refractories Ltd.
Industrial Development
Protecting Industrial Land
The land was originally allotted for industrial development and should be preserved for future industrial use.
Bank Recovery Process
Banks argue that the land is collateral for loans and should be used to recover debts.
Key facts
- Land Area
- 174.43 acres
- Land Value
- Rs 2,000 crore
- Original Allottee
- AP Refractories Ltd.
- Allotment Year
- 1981
- Location
- Gajuwaka, Visakhapatnam
- Next Meeting
- First week of August
- Rehabilitation Cards
- 1,203 beneficiaries pending
Sources
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