The Department of Industry and Commerce has submitted a detailed report on the titanium mining project, cleared in 2006, to the government for forwarding it to the Governor.
The Governor sought a report on the project in the wake of a charge sheet filed by the US investigative agencies against Rajya Sabha member K.V.P. Ramachandra Rao and others accusing them of accepting bribes in return for facilitating grant of licences.
The Y.S. Rajasekhara Reddy government had signed an MoU with Swiss-based Bothli Trade AG for titanium exploration along the north Andhra coast in a joint venture with the AP Mineral Development Corporation. The APMDC had a 26 per cent stake in the project towards allocation of natural resources and land.
However, the project was not grounded within the stipulated time for various reasons, including delay in statutory approvals from various ministries and the Centre. The State government, sources said, began issuing notices from 2011 for cancellation of the MoU as the company failed to stick to timelines and the company also responded explaining the factors for the delay.
The APMDC finally took a decision and recommended cancellation of the project in 2013.
Mr. Ramachandra Rao, however, termed the charges against him baseless.
