SemIndia to get GO for land transfer

HYDERABAD: Faced with a flurry of questions on his credibility, the president and chief executive officer (CEO) of SemIndia Vinod Agarwal stated that delay in the transfer of the land was affecting the progress of FabCity. His concern was however answered later in the day by Andhra Pradesh industry minister Geeta Reddy who assured to release the GO within the next two days.

Speaking to mediapersons here, Agarwal asserted that SemIndia is committed to set up the first fab manufacturing facility in India making it clear that nobody can question his credibility and financial capabilities. ``We have spent millions of rupees to fence the land. We have got the environmental clearance. Investors are already putting their money. All these have been done even before getting the GO for the land,"said Agarwal.

``Many states wanted us to set up similar facilities but we came here. They are calling us again. We want to remain here (Hyderabad) but we may have to rethink if the project does not take off, added Agarwal.

Agarwal said that SemIndia has already started acquisitions like a global company. He also hoped that once the GO is released there would be specifications on the government's equity in the FabCity SPV, a SemIndia company.

Construction of the building for the assembly and test unit is expected to be completed by end of next year and production is expected to start by end of 2009, said Agarwal.

In a separate press conference, later in the day, state industry minister Geetha Reddy assured that the GO to transfer the land would be issued in a day or two while informing that the FabCity project is progressing as per plans. ``The government cannot remain a spectator if SemIndia misuses the land allotted to it," cautioned Reddy.

Last week the Telugu Desam Party had sent a questionnaire to the state government raising doubts about SemIndia's capabilities. Agarwal is in Hyderabad following an instruction given by the state government. He met state chief minister Y S Rajasekhara Reddy on Tuesday.

(c)CyberMedia News