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| − | [[Category:India |R]] | + | [[Category:India |R ]] |
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| − | =Gas=
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| − | == KG-D6 Andhra offshore block/ field==
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| − | === Govt fines RIL $1.6bn for using ONGC gas===
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| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Govt-fines-RIL-16bn-for-using-ONGC-gas-05112016023005 Govt fines RIL $1.6bn for using ONGC gas, Nov 05 2016 : The Times of India]
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| − | [[File: KG-D6 Andhra offshore block ONGC vs. RIL, 2013-16.jpg| KG-D6 Andhra offshore block ONGC vs. RIL, 2013-16 |frame|500px]]
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| − | Co Plans Arbitration, Says Demand Based On `Misreading Of Key Elements' Of PSC
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| − | The stage has been set for another round of legal slugfest between India's biggest private sector oil company and the government, with the oil ministry asking Reliance Industries and its partners in the KG-D6 Andhra offshore Block to pay $1.55 billion (approximately Rs 10,000 crore based on current exchange rate) as cost of gas that migrated to their side from an adjacent block belonging to state-run ONGC.
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| − | RIL responded to the demand note, sent on Thursday to it, British major BP and Canadian explorer Niko, by saying it proposed to initiate arbitration since the demand was based on “misreading and misinterpretation of key elements of the PSC (production sharing contract) and is without precedent in the oil and gas industry anywhere in the world“. “RIL proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the government. RIL remains convinced of being able to fully justify and vindicate its position that the government's claim is not sustainable,“ the company said in a statement.
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| − | “According to the government, the Contractor is restricted to producing only that quantity of hydrocarbon as they existed at the point in time when the PSC was signed.This approach overlooks the fundamental fact that at that stage the work of exploration of the block has not even commenced and a complete lack of data makes it impossible to estimate the quantity of hydrocarbons available in the block.“ “The liability of the contractor has not been established by any process known to law and the quantification of the purported claim is without any basis and arbitrary .“
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| − | RIL and the government are already engaged in several international arbitrations with more than $5 billion at stake. The arbitrations have been initiated on issues ranging from penalty imposed for failure to meet the promised output targets and gas pricing in KG-D6 to cost calculations in the Panna-Mukta and Tapti fields, which have now been abandoned.
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| − | The ministry has deman ded $1.47 billion for 338.332 million units (measured in British thermal unit) of gas that migrated from ONGC's field in seven years ended March 2016. From this amount, $71.71million royalty that RIL paid on this gas was demanded. But an interest of $149.86 million, charged at the rate of 2% above Libor, was added to the amount to work out the total demand. The ministry also demanded $177 million in profit petroleum (government's share of profit) from the partners after disallowing certain costs previously as a penalty for RIL's failure to meet output targets.
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| − | The demand note follows the direction set by the panel the ministry had constituted under retired Justice A P Shah to adjudicate the report by US-based reservoir experts, DeGolyer and MacNaugton, appointed at the behest of the Delhi High Court. The report had confirmed ONGC's claim on migration of gas from its idle field into RIL's block, which started production in 2009.
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| − | The Shah panel upheld the report and said RIL and its partners had derived “undue enrichment“ from gas migrating from ONGC's block. It also said the compensation should go to the government since it is the public trustee of all natural resources. This is a sore point with ONGC since it was the original claimant for compensation -and some industry watchers said rightfully so -and had moved the court against RIL to pay up.
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| − | “The committee has concluded that the contractor's (RILBP-Niko) production of migrated gas and retention of ensuing benefits amounts to unjust enrichment, since the production sharing contract (PSC)... does not permit a contractor to produce and sell migrated gas,“ the demand note said.
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| − | = Oil-to-chemicals (O2C) operations=
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| − | ==2021: transferred to wholly owned subsidiary ==
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| − | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F02%2F24&entity=Ar02110&sk=07C45384&mode=text Reeba Zachariah, February 24, 2021: ''The Times of India'']
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| − | [[File: RIL and the Oil-to-chemicals (O2C) operations, as in 2021.jpg|RIL and the Oil-to-chemicals (O2C) operations, as in 2021 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F02%2F24&entity=Ar02110&sk=07C45384&mode=text Reeba Zachariah, February 24, 2021: ''The Times of India'']|frame|500px]]
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| − | Reliance Industries (RIL) will transfer its oil-tochemicals (O2C) operations to a wholly owned subsidiary for a $25-billion loan, besides $12-billion equity. Consideration for the transfer of the O2C assets, which includes the operating team and 12 manufacturing facilities, will be funded by a $25-billion loan from the parent, the company said in a presentation filed with the stock exchanges.
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| − | The interest-bearing loan from RIL to the O2C company will be an “efficient mechanism to upstream cash, including any potential capital receipts in the unit”, it said. Carving out the O2C operations into an independent entity will make it easier for RIL to bring in external investors. It had earlier explored a different structure, but India’s securities market rules did not permit such a scheme.
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| − | RIL had said earlier that it, being a listed company, cannot issue shares with differential rights (that is, equity shares with interest linked only to the O2C business) to investors. Therefore, the O2C undertaking has to be transferred into a wholly owned subsidiary of RIL, in which the external investors will invest, it had said.
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| − | RIL has been in discussions with Saudi Aramco to sell a 20% stake in the O2C unit for more than one and a half years. The deal, if successful, could lead to further deleveraging of RIL. RIL will retain management control of the O2C company. The separation will also not dilute earnings or restrict cash flows for the parent, according to the company’s presentation.
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| − | The O2C transfer on a slump sale basis — subject to courts, shareholders and creditors approvals — is expected to be concluded before September 30. Slump sale means transfer of an undertaking for a lump sum consideration without values being assigned to individual assets and liabilities.
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| − | “The income tax law lays down specific computation provisions for a transaction qualifying as a slump sale. This computation mechanism remains the same, irrespective of such transaction carried out through an NCLT scheme or through a private arrangement. Basis of this mechanism, the seller is allowed to offset its tax net worth as on the transfer date from the aggregate sale consideration. If the sale consideration of the transaction equates to or is less than the tax net worth of the transferred undertaking, then no capital gains or associated tax liability would arise. Also, such slump sale transaction entailing the transfer of undertaking as a going concern would not entail GST implications,” said RBSA Advisors MD Ravi Mehta on the Reliance O2C demerger.
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| − | RELIANCE INDUSTRIES LTD.]]
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| − | =Vimal=
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| − | ''' RIL selling 49% in ‘Vimal’ to Chinese textile company '''
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| − | Piyush Pandey, December 10, 2014
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| − | Through the late 1970s and early 1980s, the distinctive tune of ‘Only Vimal’ ads became instantly recognizable to millions of Indians.
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| − | From top models to Bollywood hearthrobs and cricket stars, they all featured in the iconic ads. As the clothing brand went from strength to strength, so did its owner—an initially obscure company founded by Dhirubhai Ambani called Reliance Textiles that was in 1985 rechristened Reliance Industries Ltd.
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| − | [[File: rel.jpg|Vimal|frame|500px]]
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| − | While nostalgia may be a powerful factor, savvy tycoons don't allow it to overcome business sense. Which is why RIL, India's biggest company now led by Mukesh Ambani, has decided to sell a 49% stake in the textiles business to the $3-billion Chinese textile giant Shandong Ruyi Science & Technology Group for an undisclosed sum. RIL will hold 51% in the new JV. The textile business is located at Naroda near Ahmedabad and was set up in 1966. But it now contributes $300-350 million, or less than 1%, to the overall $65-billion annual revenues of RIL. In 2012, RIL had appointed bankers to sell its textile business but the sale was called off due to a tepid market and lack of buyers.
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| − | “Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high-growth path,” said Nikhil R Meswani, executive director, RIL. Ruyi, a leading textile company in China, has a global presence, including in America, Europe, Japan, Australia, New Zealand and China. It has a portfolio of world-renowned brands such as ‘Taylor & Lodge’, ‘Harris Tweed’, ‘Royal Ruyi China’, ‘Nogara Italy’ and ‘Indios Italy’. Ruyi also operates in India under the ‘Georgia Gullini’ brand in the worsted suiting segment of the market. This business operation and its other activities would get realigned to strengthen the JV.
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| − | Investment adviser S P Tulsian believes that the deal size would not be significant, given that none of the textile companies in that space is valued at over $100 million.
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| − | =Profits: 2015-16=
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| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=RIL-posts-biggest-quarterly-profit-in-8-years-23042016027043 ''The Times of India''], April 23, 2016
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| − | [[File: Reliance Industries Ltd. (RIL), Revenues and profits, 2011-16.jpg| Reliance Industries Ltd. (RIL): Revenues and profits, 2011-16; Graphic courtesy: [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=RIL-posts-biggest-quarterly-profit-in-8-years-23042016027043 ''The Times of India''], April 23, 2016|frame|500px]]
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| − | ''' RIL posts biggest quarterly profit in 8 years at Rs 7,398cr '''
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| − | Reliance Industries' (RIL) fourth quarter (Q4FY16) consolidated profit rose nearly 16% to Rs 7,398 crore ($1.1 billion), the highest in more than eight years, due to strong margins in its refining and petrochemicals business.
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| − | The company's refineries earned $10.8 on each barrel of crude processed as against $10 a year earlier. RIL's earnings beat analyst estimates of Rs 7,010 crore, according to Bloomberg.
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| − | RIL's Q4FY16 revenues declined nearly 9% to Rs 64,569 crore ($9.7 billion) as the benchmark (Brent crude) oil prices declined 41% in the last one year. Exports fell about 18% to Rs 30,935 crore due to lower product prices.
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| − | The revenues from the company's mainstay -refining and marketing -decreased 15% to Rs 48,064 crore, but gross profit from this segment increased 30% to Rs 6,394 crore. This segment accounted for 74% of RIL's revenue and 67% of its gross profit in the quar ter ended March 2016.
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| − | Petrochemicals, the second biggest contributor to revenues, declined 4% to Rs 20,915 crore in the fourth quarter from a year earlier but gross profit increased 35% to Rs 2,713 crore. This segment accounted for 32% of the company's revenue and 28% of its gross profit in the three months ended March 2016.
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| − | For fiscal 2016, RIL's consolidated profit climbed 17% to Rs 27,630 crore while revenue rose 24% to Rs 296,091 crore.Gross profit from refining increased 49% to Rs 23,598 crore and that of petrochemicals enhanced 23% to Rs 10,221crore. “FY16 has been a year of outstanding achievement for our downstream hydrocarbon businesses. Our refineries sustained double-digit gross refining margins and record levels of utilization through the year. Our balanced petrochemical portfolio, across products and feedstocks, helped capture the benefit of vastly improved naphtha cracking economics and favourable polymer markets,“ said Mukesh Ambani, CMD, RIL, which operates the world's biggest oil refinery complex in Jamnagar, Gujarat, in a statement.
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| − | Higher profits will help the company complete its expansion projects in its petrochemicals and refining business at Jamnagar, Dahej and Hazira and start its mobile service operations. Ambani said RIL's telecom subsidiary Reliance Jio Infocomm will commercially roll out its 4G services this year. Reliance Jio has so far spent Rs 1.2 lakh crore, including on spectrum, and will spend another Rs 30,000 crore in building the telecommunication business.
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| − | =Irregularities =
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| − | ==2000 case: ₹25cr fine for takeover code was violation==
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| − | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F04%2F08&entity=Ar01910&sk=ECD5968A&mode=text April 8, 2021: ''The Times of India'']
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| − | Sebi fines Ambani bros ₹25cr in 21-year-old case
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| − | Penalty For Alleged Violation Of Takeover Rules While Issuing Shares In Undivided RIL In 2000
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| − | Mumbai:
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| − | Markets regulator Sebi on Wednesday imposed a Rs 25-crore fine collectively on Mukesh Ambani and Anil Ambani, the erstwhile main promoters of the undivided Reliance Group, along with several family members and group companies. They were penalised for alleged irregularities relating to the issue of 12 crore equity shares in January 2000 by Reliance Industries (RIL). Sebi imposed the penalty on Ambani family members and related entities since it was found that the takeover code was violated during the allotment of shares by RIL.
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| − | According to Sebi’s order, in January 2000, RIL allotted 12 crore shares to 38 entities from within the Reliance Group. The allotment was made after exercise of the option on warrants attached with 6 crore non-convertible debentures (NCDs), which were issued in 1994. From the disclosure filed with the bourses by RIL, it was found that these 38 entities were ‘persons acting in concert’ (PACs) with RIL promoters.
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| − | Through this conversion, RIL promoters together with the PACs had increased their stake in the company from 22.7% as of end-March 1999 to 38.3% as of end-March 2000. Out of these, 7.8% shares were acquired as a result of a merger and hence were exempt under the then prevailing Takeover Regulations.
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| − | However, 6.8% shares that were acquired by RIL promoters together with PACs in exercise of 3 crore warrants were alleged to be in excess of the 5% ceiling under the same regulation. Hence the imposition of the Rs 25-crore fine on these entities, the Sebi order said.
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| − | RIL was yet to comment on the Sebi order, which was issued on Wednesday evening. Sebi said that the Ambani brothers and all the other entities named in the order jointly and severally would pay the total fine within 45 days.
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| − | The order noted that while determining the quantum of penalty, no quantifiable figures or data were available on record to assess the disproportionate gain or unfair advantage and amount of loss caused to an investor or group of investors as a result of the default committed by the entities.
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| − | ==2017: Banned from trading in equity derivatives for 1 year==
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| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=RIL-barred-from-equity-derivatives-mkt-for-a-25032017029034 RIL barred from equity derivatives mkt for a year, Mar 25, 2017: The Times of India]
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| − | '''Sebi Asks It To Pay Rs 447Cr Plus Rs 536Cr Interest'''
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| − | In a 54-page order released late on Friday , markets regulator Sebi banned Reliance Industries and 12 of its associate companies from trading in equity derivatives for one year “directly or indirectly“.
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| − | Sebi also directed India's largest private sector company to pay up within 45 days -Rs 447 crore plus interest on it at 12% for almost 10 years -which adds up to nearly Rs 1,000 crore -for alleged fraudulent trading in a case that dates back to 2007.
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| − | Derivatives are financial instruments traded on exchang es which include futures and options (F&O) contracts, the prices of which are directly dependent on the price of the stock. The case relates to alleged fraudulent trading in the F&O segment in Reliance Petroleum, which was a subsidiary of RIL and has since been merged with the major.
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| − | Sebi member G Mahaling am said the directions were passed after taking into consideration the magnitude of the fraud across the markets.“I am inclined to pass certain directions against the noticees in order to protect the interest of investors and reinstil their faith in the regulatory system,“ the order said.“The noticees may , however, square off or close out their existing open positions.“
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| − | The others are Gujarat Petcoke & Petro Product Supply , Aarthik Commercials, LPG Infrastructure India, Relpol Plastic Products, Fine Tech Commercials, Pipeline Infrastructure India, Motech Software, Darshan Securities, Relogistics (India), Relogistics (Rajasthan), Vinamara Universal Traders and Dharti Investment and Holdings. In an email response to TOI, an RIL spokesperson said the company was seeking legal opinion and would challenge what it dubbed “untenable findings“ in the Sebi order. “The trades in RPL shares which were examined by Sebi were genuine and bona fide transactions,“ he added.
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| − | He went on to add: “The se were carried out keeping the best interest of the company and its shareholders in view. Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.
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| − | We are in the process of consulting our legal advi sors. We propose to prefer an appeal and challenge the order in the Securities Appellate Tribunal. We remain confident of fully justifying the veracity of the transactions and vindicating our stand.
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| − | We have full confidence in the judicial process and we propose to vigorously exercise all options available to us to challenge the untenable findings in the order.“
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| − | The RIL group had earlier sought to settle the case, but Sebi had refused. The proceedings in the longpending case were expedited in the last few months.
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| − | ==2021: fined for ‘manipulative trades’==
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| − | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F01%2F02&entity=Ar00309&sk=A191FCFF&mode=text January 2, 2021: ''The Times of India'']
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| − | [[File: 2007-21- manipulative trading in the shares of Reliance Petroleum.jpg|2007-21: manipulative trading in the shares of Reliance Petroleum <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F01%2F02&entity=Ar00309&sk=A191FCFF&mode=text January 2, 2021: ''The Times of India'']|frame|500px]]
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| − | Markets regulator Sebi fined Reliance Industries, Mukesh Ambani and two other entities a total of Rs 70 crore for alleged manipulative trading in the shares of Reliance Petroleum — which was merged with RIL in 2009— in a case that dates back to 2007.
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| − | Sebi, in its 95-page order, said in November 2007, RIL and several other entities closely associated with it, simultaneously traded in RPL in the cash and derivatives segments to profit from it.
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| − | ''' Any manipulation erodes investor confidence: Sebi ''' | + | =YEAR-WISE DEVELOPMENTS= |
| | + | ==As in 2021== |
| | + | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F04%2F11&entity=Ar01709&sk=27CB96B1&mode=text Robin David, April 11, 2021: ''The Times of India''] |
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| − | Sebi imposed a fine of Rs 25 crore on RIL, Rs 15 crore on Ambani, the company’s chairman & managing director, Rs 20 crore on Navi Mumbai SEZ and Rs 10 crore on Mumbai SEZ.
| + | Money begets power and power begets more money. Or at least that is what traditional logic says. But one of India’s richest politicians — Konda Vishweshwar Reddy— is now without party. He had joined TRS in 2013 and left it in 2018. He then joined Congress and left it last month. He is now hoping to launch a new political outfit in Telangana. |
| − | The order said that “any manipulation in the volume or price of securities always erodes investor confidence in the market when investors find themselves at the receiving end of market manipulators”.
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| − | Till late on Friday RIL had not commented on the Sebi order. The regulatory order of Friday said that between October and November 2007, ‘RIL admittedly appointed 12 agents’ to undertake transactions in RPL derivative contracts on its behalf. During November 2007, these 12 agents took short positions in the derivatives segment on behalf of RIL, while the company traded in RPL shares in cash segment.
| + | He was the richest MP in the country between 2014 and 2019 with assets worth Rs 528 crore after he won from Chevella in Telangana. He was the second-richest candidate in the 2019 elections with assets of Rs 895 crore. He lost the election that year on a Congress ticket. |
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| − | “From November 15, 2007 onwards, RIL’s short position in the derivatives segment constantly exceeded the proposed sale of shares in the cash segment. On November 29, 2007, RIL sold a total of 2.25 crore RPL shares in the cash segment during the last 10 minutes of trading resulting in a fall in prices of RPL shares, which also lowered the settlement price of RPL November Futures. RIL’s entire outstanding position of 7.97 crore in the derivatives segment was cash settled at this depressed settlement price, resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement,” the order noted.
| + | He has political legacy too. He is the grandson of Konda Venkata Ranga Reddy, former deputy chief minister of united Andhra Pradesh after whom the Ranga Reddy district has been named. |
| − | “A common person connected with RIL had placed orders in the cash segment on behalf of RIL and in the derivatives segment on behalf of the agents.” The funding for margin payments for the 12 agents was provided by Navi Mumbai SEZ and Mumbai SEZ, it added. Sebi order also said that being the CMD of RIL, Ambani was “responsible for the manipulative activities of RIL”.
| + | And today, he is living in a world of contradictions. He is in the process of bringing small regional outfits together on one platform to create one mega regional party in Telangana. But he himself does not want to be involved in state politics. He prefers being Telangana’s representative in the Lok Sabha. He does not mind being called the ‘richest MP’ and ‘richest candidate’, but he cringes when you call him a rich businessman. Husband of Apollo Hospitals MD Sangita Reddy, he says, “I would like to be known as an academic, entrepreneur and researcher instead.” |
| | + | But being called a rich politician is beneficial in some ways. “Initially, I was concerned (about being called rich),” he says. “They would think, arey, ine paise wala hai. Ine aam admi ki samaysa jaante nai, and all that (He is a rich man. How will he understand the problems of the poor),” he says with a touch of Hyderabadi Dakhni. “But to my shock, it helped me a lot (in 2014). People started saying he is a paisewala (rich). He does not need to take bribes and is a potential winner. And by the way, I am the richest only on paper. Almost every MP in Telangana is richer than me. These people can buy me over 20-30 times. I pay taxes, they don’t.” |
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| − | Earlier, on March 24, 2017, Sebi had ordered RIL and some of its associated entities to disgorge nearly Rs 450 crore plus interest on it (which could work out to over Rs 1,000 crore) in same case.
| + | State politics is like “wrestling with the pig in the mud” and he accepts that perhaps he is not cut out for it. “The level of politics is lower in assemblies. At least in Parliament, no one throws chappals at each other.”He admits that one needs to be a bit of a street fighter in state politics. “I am different. I entered politics in 2013 when I was 53. So, I am often thinking of things other than politics.” For instance, Reddy, who has a number of patents and copyrights to his name, adds that even at this moment he is working on a unique rice transplanting machine. |
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| + | Despite his dislike for the rough and tumble for state politics, he has taken the initiative of bringing regional parties including Telangana Jana Samithi, Telangana Inti Party and independents like Teenmar Mallana together. He says a unified regional outfit could take on TRS effectively and does not rule out joining hands with the BJP or Congress in the future. “We will also bring together some people from Congress and TRS. They are looking for a viable alternative.” |
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| + | On why he wants to form a new outfit, he says, “In any national party, decisions have to go to the central leadership. Look at the Congress. By the time they understand the problem, report it to the central leadership, find a solution and discuss it democratically, someone like a KCR (chief minister K Chandrasekhar Rao) has changed things.” |
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Money begets power and power begets more money. Or at least that is what traditional logic says. But one of India’s richest politicians — Konda Vishweshwar Reddy— is now without party. He had joined TRS in 2013 and left it in 2018. He then joined Congress and left it last month. He is now hoping to launch a new political outfit in Telangana.
He was the richest MP in the country between 2014 and 2019 with assets worth Rs 528 crore after he won from Chevella in Telangana. He was the second-richest candidate in the 2019 elections with assets of Rs 895 crore. He lost the election that year on a Congress ticket.
He has political legacy too. He is the grandson of Konda Venkata Ranga Reddy, former deputy chief minister of united Andhra Pradesh after whom the Ranga Reddy district has been named.
And today, he is living in a world of contradictions. He is in the process of bringing small regional outfits together on one platform to create one mega regional party in Telangana. But he himself does not want to be involved in state politics. He prefers being Telangana’s representative in the Lok Sabha. He does not mind being called the ‘richest MP’ and ‘richest candidate’, but he cringes when you call him a rich businessman. Husband of Apollo Hospitals MD Sangita Reddy, he says, “I would like to be known as an academic, entrepreneur and researcher instead.”
But being called a rich politician is beneficial in some ways. “Initially, I was concerned (about being called rich),” he says. “They would think, arey, ine paise wala hai. Ine aam admi ki samaysa jaante nai, and all that (He is a rich man. How will he understand the problems of the poor),” he says with a touch of Hyderabadi Dakhni. “But to my shock, it helped me a lot (in 2014). People started saying he is a paisewala (rich). He does not need to take bribes and is a potential winner. And by the way, I am the richest only on paper. Almost every MP in Telangana is richer than me. These people can buy me over 20-30 times. I pay taxes, they don’t.”
State politics is like “wrestling with the pig in the mud” and he accepts that perhaps he is not cut out for it. “The level of politics is lower in assemblies. At least in Parliament, no one throws chappals at each other.”He admits that one needs to be a bit of a street fighter in state politics. “I am different. I entered politics in 2013 when I was 53. So, I am often thinking of things other than politics.” For instance, Reddy, who has a number of patents and copyrights to his name, adds that even at this moment he is working on a unique rice transplanting machine.
Despite his dislike for the rough and tumble for state politics, he has taken the initiative of bringing regional parties including Telangana Jana Samithi, Telangana Inti Party and independents like Teenmar Mallana together. He says a unified regional outfit could take on TRS effectively and does not rule out joining hands with the BJP or Congress in the future. “We will also bring together some people from Congress and TRS. They are looking for a viable alternative.”
On why he wants to form a new outfit, he says, “In any national party, decisions have to go to the central leadership. Look at the Congress. By the time they understand the problem, report it to the central leadership, find a solution and discuss it democratically, someone like a KCR (chief minister K Chandrasekhar Rao) has changed things.”
