Govt will protect AP's interests on Fab City: Minister

Hyderabad, Apr 25 (UNI) Making it clear that the Congress Government in Andhra Pradesh was fully committed to protect the interests of the state in connection with the upcoming prestigious Rs 15,000 crore SemIndia Fab City Project, Major Industries Minister J Geeta Reddy today charged the opposition with creating a ''fear psychosis'' among potential investors and driving them away from the state.

The Government would come out in a couple of days with a special order with appropriate enabling powers to the state to take care of its interests and facilitate starting of the prestigious project in the next three-weeks and ensure its completion by June or July 2008, she told a press conference here today.

''The Government is in full control of the project. We will ensure that no portion of the land will be given on lease to any non-serious company'', she said, adding ''if at any point of time, we have reason to believe that SemIndia will not be in a position to mobilise the promised investments, the government will not hesitate to step into their shoes''.

Attributing the delay in the announcement of the Union Government's semi-conductor policy for the delay in the grounding of the project, she said due to relentless efforts of Chief Minister Y S Rajasekhara Reddy, who had written as many as eight letters to Prime Minister Manmohan Singh and UPA Chairperson and AICC President Sonia Gandhi, the Centre had come out with its Semi-conductor policy.

Two more hardware projects were being considered by the State Government, C S Rao, Advisor (IT) and Chief Executive Officer of the State Invest, a state undertaking said.

It was unfortunate that the opposition was ''frightening'' potential investors by making a ''vilification'' campaign against SemIndia Head Vinod Kumar Agarwal at a time when the project was about to start, she expressed.

Even the World Bank, which had conducted a survey, has adjudged the state as the most business friendly state, the minister lamented, listing the major industrial investments attracted by the state during the Congress regime. It included the Rs 20,000 crore ONGC refinery project in Kakinada and Rs 9,500 crore Steel Plant expansion in Visakhapatnam. The former government led by Chief Minister N Chandrababu Naidu was able to attract less than Rs 15,000 crore investment during its long-rule, she contended.

Only after due diligence by the Union Ministry of External Affairs, the State Government had entered into a Memorandum of Understanding (MoU) with the SemIndia, she said in reply to a question about reported delisting of the company floated by the SemIndia promoter from the NASDAQ for cheating. The US Government had given the promoter special green card, she said.

She also denied the charge that the Government had entered into MoU even before it was registered in the country.

The Minister parried a question on reported registration of a criminal case against a person involved in the company, saying she had no knowledge of it.

Advanced possession of land had been given to SemIndia for getting Centre's clearance for formation of SEZ, she clarified, adding that soon after the Government Order was issued, 300 acre of land would be registered in the name of Fabcity SPV (India) Private Limited.

UNI