Power due bring unforeseen challenges for Balakrishna

Power due bring unforeseen challenges for Balakrishna
Power due bring unforeseen challenges for Balakrishna

AP Carbides Ltd, the first foray of Chief Minister YS Jagan Mohan Reddy’s family into the industry some 45 years ago, has had a controversial run. AP Carbides, with its unit located in a 70-acre plot at Kurnool on NH-7, used to produce carbide products initially, and later switched over to ferroalloys production before it was shut down in 1983. Bharat Alloys Energy Ltd, the latest version of AP Carbides Ltd, situated near Kurnool, owned by Nandamuri Balakrishna and his relative, has electricity bill arrears of Rs 38,65,08,257.

According to the latest update, the APTransco superintendent engineer G. Bhargava Ramudu has issued a notice to the defunct company to pay the dues. Otherwise, its assets would be liquidated to recover the dues.

YS Rajasekhar Reddy, the father of Mr. Jagan Mohan Reddy, was one of the major stake-holders of AP Carbides. It was an ambitious project of Rajasekhar Reddy family in the corporate sector as till then they were small-time contractors and traders in barytes in Kadapa district. When TDP came to power in the year 1983, the Chief Minister of United Andhra Pradesh, Nandamuri Taraka Rama Rao targeted the AP Carbides factory at Kurnool and the government slapped a demand notice for Rs 5 lakh on AP Carbides that time YS Rajasekhar Reddy had a tough time defending the non-payment of electricity charges.

Bharat Alloys And Energy Limited is majorly in Electricity, Gas & Water companies business from the last 22 years and currently, company operations are amalgamated. Current board members and directors are Gopala Bhupal, Siva Sankararao Kale, Mathukumilli Sri Lakshman Rao, Mathukumilli Rama Rao Sripattabhi And Babu Rao Nadella.

Now we have to wait and see how Nandamuri Balakrishna will support the non-payment of electricity charges (Rs 39 Cr) by Bharat Alloys Energy Ltd.

On the work side, Balakrishna is playing the lead role in Ruler, which is gearing up for grand release on 20th December, Balakrishna is playing a cop in this action drama.