SemIndia deal to be signed Feb 15

Hyderabad, Feb. 15: Fab City is now a reality. The State government will formally sign the Memorandum of Understanding (MoU) with SemIndia for Fab City on Thursday. Sources in the Chief Ministers’ Office (CMO) told this correspondent that SemIndia CEO Vinod K. Agarwal and representatives from APInvest would sign the MoU in the presence of Chief Minister Y.S. Rajasekhar Reddy for the 1,200-acre project in Tukkuguda, Ranga Reddy district. “The MoU signing ceremony will be held between 2 pm and 4 pm,” a CMO official told this correspondent.
Meanwhile, Karnataka Chief Minister H.D. Kumaraswamy on Wednesday admitted that Karnataka had lost out the fabrication project to Andhra Pradesh. Briefing reporters on his two-day visit to New Delhi with his deputy B.S. Yediyurappa, Mr Kumaraswamy said Fab City’s promoters had declined to reconsider their decision to locate the project in Hyderabad. “The promoters have conveyed that though they had taken a hasty decision to locate the project in Hyderabad, there was no question of reviewing it. They, however, promised to invest in Karnataka in the future,” Mr Kumaraswamy said.
The Karnataka Chief Minister also termed his first visit to Delhi as chief minister a success. He said the Centre had offered to locate in Bangalore a centre for corporate excellence, provided the state offered land and other infrastructure.