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07 September 2009

YSR's death may hit infra companies

The death of Andhra Pradesh chief minister Y S Rajasekhara Reddy in a helicopter crash this week is likely to affect infrastructure companies more than any other enterprise in the state, reports Business Standard.

Reddy’s tenure was known for infrastructure development, including the construction of massive irrigation projects, modern ports like Krishnapatnam and Gangavaram and the proliferation of special economic zones (SEZs) and establishment of manufacturing units (see table). The Rs 12,132 crore Hyderabad Metro Rail project was also his brainchild, the report added.

All the major infrastructure companies in the state including Maytas Infrastructure, the Ramalinga Raju-promoted firm recently taken over by IL&FS, IVRCL, Nagarjuna Construction Company, Indu Projects, Navayuga Engineering and Gayatri Projects have benefited from Reddy’s programmes and they would be at a loss if his successors did not continue these with the same as vigour as he did.

Assocham president Sajjan Jindal pointed out that a lot of domestic and overseas investments had flowed into Andhra due to Reddy’s “investment friendly policies.”
Source:Realty Plus


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