Officials of India Cements were grilled again by the CBI on Wednesday in the Jagan Mohan Reddy illegal investments case. BCCI chief and India Cements managing director, N. Srinivasan had been questioned twice in the last week in this connection.
India Cements is alleged to have invested more than Rs 130 crore in various ventures of Mr Jagan Mohan Reddy’s ventures. Allegedly in return, the company got its land lease renewed in Kadapa district and was given permission to draw 10 lakh gallons of water from the Krishna river and 13 million cubic feet water from the Kagna river for its cement units in Nalgonda and Ranga Reddy districts.
India Cements invested Rs 15 crore in Raghuram Cements which was later taken over by Mr Reddy. India Cements also invested Rs 40 crore in Jagati Publications. Raghuram Cements, officially became Bharathi Cements in 2009 and divested shares to a French firm.