TDP alleges loss to exchequer on Galaxy stone issue

Hyderabad, Sep 8 (UNI) The main opposition Telugu Desam Party today questioned the ''credentials'' of an Italian company, associated with two private companies, which had been given ''exploitation rights'' of the world-famous galaxy stone.

Addressing a press conference here, TDP spokesman M V Mysoora Reddy claimed that the two companies did not have any previous ''mining experience.'' The overseas associate company had not been registered in the country, he contended.

The award of contract to the two private companies -- 'Gimpex' and 'Midwest' -- at the rate of Rs 4,400 crore against the true value of Rs 10,432 crore was a great 'loss' to the exchequer, he claimed.

He wanted the Government to make public, the details of the contract.

UNI