When the Emaar Boulder Hills project was given to Emaar during the Telugu Desam government, APIIC had a 49% stake in the project. When Y.S. Rajasekhar Reddy became Chief Minister, this stake magically reduced to 26% and subsequently to Zero! How did the initial 49% to 26% reduction occur? Were there any official orders issued for this? What was the reason?
I hear rumors about a certain Mr. Koneru Prasad of a company called Trimex Group was involved in this reduction of equity stake and in return the UAE emirate of Ras Al Khaimah gave a lot of goodies to YSR and his family.
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