ICICI denies sanctioning mortgage loan on Kancha Gachibowli land
Hyderabad: Responding to the Bharat Rashtra Samithi (BRS) working president KT Rama Rao’s allegation that the Telangana government illegally pledged 400 acres of forest land adjacent to University of Hyderabad (UoH) in Kancha Gachibowli land, to secure a Rs 10,000 crore bank loan, the ICICI Bank said that it has not provided any mortgage loan to Telangana State Infrastructure Corporation (TSIIC).
Addressing a press conference, KTR claimed that though the Kancha Gachibowli land doesn’t belong to TSIIC, it mortgaged the land to ICICI bank and secured Rs 10,000 crore loan in the form of bonds floated by the Congress government.
In a statement, the ICICI noted that “We would like to clarify that we have not provided any mortgage loan to Telangana State Industrial Infrastructure Corporation (TSIIC), and TSIIC has not mortgaged any land with us in relation to this bond issuance. We acted only as an account bank to TSIIC for receipt of bond issuance money and interest servicing.”
KTR alleged that the Congress-led state government illegally mortgaged forest land through TSIIC to secure a massive bank loan, without proper ownership verification, environmental clearances, or forest department approvals.
The BRS leader said the ICICI Bank allegedly sanctioned a Rs 10,000 crore loan without conducting basic due diligence. He alleged that the bank relied solely on the word of Trust Investment Advisor Pvt. Ltd., a broker firm that received a Rs. 169 crore commission.
He also said that the Stamps and Registration Department lists the market value of the land at Rs. 26,900 per square yard while the government allegedly considered the value of the land to be Rs 30,000 per square yard.
According to KTR, five months later in 2024, a new valuation by another agency reduced the per-acre value to Rs 52 crore, and later to Rs. 41.6 crore, bringing the total value down.
Highlighting the discrepancy in the land’s valuation, KTR alleged it was a deliberate move to facilitate the transfer of the land to Revanth Reddy’s associates at a fraction of the inflated value.
Meanwhile, former minister and BRS leader T Harish Rao demanded the Congress government to table a white paper on the alleged 400-acre land mortgage issue in the House. He alleged that the government might have mortgaged the land to private brokerage firms linked to Chief Minister Revanth Reddy.
ICICI Bank Refutes Allegations by BRS Working President KTR on ₹10,000 Crore Loan to Telangana Govt
ICICI Bank has issued a statement in response to the allegations made by BRS Working President K.T. Rama Rao (KTR), who claimed that the bank sanctioned a ₹10,000 crore loan to… pic.twitter.com/RbXiKGjE2J
— Hyderabad Mail (@Hyderabad_Mail) April 12, 2025
