Karnataka Minister Gali Janardhana reddy said that he will soon launch the works of Brahmani steels and clarified that he did not obtain ant bank loan in the name of Brahmani Steels.

Speaking to media persons at Tirupathi this afternoon, he said he was not in need of taking any loan for the steel company and described the reports of loans as false. “I didn’t take any loans for it and there is no necessity also for loans,” he said.

Earlier, there are reports that Janardhan reddy has sold off the company to Uttam Galva Steels and the name of the company also will soon be converted as Uttam Galva Steels.  Telugu dailies today published reports that Janardhan reddy first thought of selling the company to the Tata Group but the deal did not come through.

The YSR regime had allotted 10,670 acres of land in the Kadapa district to the Brahmani steels at the rate of Rs.18, 500 per acre on the condition that the minor ore dug out from the mines in the Ananthapuram district should be utilized for Brahmani steels. But, there are allegations Janardhan reddy made thousands of crores of rupees by exporting the iron ore without launching the works of Brahmani Steels.