CBI raids IVRCL, says incriminating documents recovered
The beleaguered infrastructure firm IVCRL
found itself in more troubled waters on Wednesday as the Central Bureau of
Investigation (CBI) filed a corruption case against debt-laden IVRCL, a listed
firm, its managing director Sudhir Reddy and others for an alleged bank
fraud of over Rs 4,837 crore, in a consortium
led by State Bank of India.
The company's officials are accused of
defrauding the consortium of eight public sector banks, including SBI, IDBI
Bank, Canara Bank, Andhra Bank, among others.
"It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of public sector banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of
Incriminating evidence was found at the
official and residential premises, CBI revealed.
The Hyderabad-based firm, which had executed major projects across the country, is under liquidation due to mounting debts and defaults.
UltraTech Adds 1.8 Million Tonne Mill at Maihar Plant
UltraTech Cement Ltd, India’s largest cement maker, has commissioned its second cement grinding mill at the Maihar complex in Madhya Pradesh, adding 1.8 million tonnes per annum to production. The company said the start up aligns with its continuing expansion programme announced earlier this year.The first Maihar mill came on stream in March 2025. With the new line, UltraTech’s domestic grey cement capacity rises to 186.86 million tonnes per annum (mtpa); including overseas operations, total capacity reaches 192.26 mtpa.Financially, UltraTech recorded EBITDA of about Rs 46.18..
CONCOR Launches Special Containers for Bulk Cement
Container Corporation of India Ltd (CONCOR) has introduced specialised tank containers for transporting bulk cement in loose form, marking a transformative step in Indian cement logistics. This is the first time such containers are being used in the country for cement movement.The initial shipment using these containers has successfully commenced from My Home Cement Siding (MMHM) at Mellacheruvu, Andhra Pradesh, to CONCOR’s Inland Container Depot (ICD) in Whitefield, Bangalore. This development underscores CONCOR’s continued focus on providing innovative and sustainable logistics solutions..
Assam Builds Emergency Airstrip for IAF on NH-2
A 4.2-kilometre Emergency Landing Facility (ELF) is being developed in Assam’s Dibrugarh district to enable Indian Air Force aircraft such as Rafale, MiG, Tejas, AN-32, and Hercules to take off and land during emergencies like war or natural disasters. The ELF is located along a new 11-kilometre four-lane section of National Highway 2 between Moran Town and Tiloijan.Chief Minister Himanta Biswa Sarma recently inspected the project site, particularly the stretch between Polo Club in Khatkhati and Rassipathar, which is being constructed to meet the Indian Air Force’s technical specifications..
Latest Updates
