India Cements Srinivasan
20 June 2012. Srinivasan, the managing director of India Cements – one of India’s largest cement companies, based in Chennai – was questioned for more than 6 hours by Central Bureau of Investigation (CBI). This was in connection with YS Jagan Mohan Reddy’s corruption allegations. According to CBI, India Cements invested in Reddy’s business and in return got additional water to the company’s plant in South India. It was claimed that the company doubled its production with the additional water allocation. India Cements invested a total of US$10.9 million in three companies owned by Reddy. This, according to the CBI, is part of a total of $25.45 million that India Cements has invested in businesses controlled by the Reddy family.
This happened during the tenure of Reddy’s father YS Rajasekhara Reddy as chief minister of Andhra Pradesh.
Srinivasan, the BCCI president, is also the owner of Indian Premier League (IPL) franchise Chennai Super Kings.