ANANTAPUR: The Lepakshi Knowledge Hub project in Anantapur district has remained stalled since 2008 amid legal complications, attachment of lands by Enforcement Directorate (ED), and state government’s reluctance in intervening into the long-pending issue.
The project had been conceived by the then Congress government led by Y.S. Rajasekhar Reddy as a multi-sector industrial and knowledge hub, aimed at attracting investments of up to ₹10,000 crore and generating employment for about 1.5 lakh people. The AP Industrial Infrastructure Corporation (APIIC) handed over the venture to INDU Projects, along with 8,844 acres of land in Chilamathur and Gorantla mandals along NH-44.
Lepakshi Knowledge Hub, located about 75 km from Kempegowda International Airport in Bengaluru, had great prospects. The project had been planned with focus on aerospace, space, electronics, drones, information technology, and other emerging industries. A master plan had been prepared by Lee and Associates, who proposed 16 sector-specific zones within the hub.
The dream project crashed after the promoter approached the National Company Law Tribunal (NCLT) saying INDU Projects had run into irrecoverable losses. Moreover, the company had obtained loans of ₹793 crore from banks in Karnataka, pledging the lands allotted to Lepakshi Knowledge Hub.
Amid this came allegations that INDU Projects had diverted funds to shell companies linked to Y.S. Jagan Mohan Reddy and his associates.
With matters deteriorating, banks approached the NCLT for recovery of their loans.
The Telugu Desam and YSRC governments have since been trading charges over the Lepakshi Knowledge Hub. But the legal complications have remained unresolved. The latest TD-led NDA government has been in power for about two-and-a-half years. But the tangle remains.
When contacted, APIIC officials told Deccan Chronicle that the matter is pending with the Enforcement Directorate, which has attached the property allotted to INDU projects.
There is a heavy demand for the particular land owing to its location. KIA and other top industries want to start their projects on these lands, APIIC sources said.
But with legal issues continuing, APIIC is focusing on acquiring lands near Tekulodu in Chilamathur mandal for establishment of new industries.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
