New Delhi, April 22: The Reddy Brothers today said they have sold their entire stake in Karnataka unit of Bramhani Industries to Miglani family, promoters of high-grade steel makers Uttam Galva Steels for Rs 285 crore, giving up their sole business interests in the state in the wake of allegations over mining activity.
Karnataka Tourism Minister G Janardhana Reddy told PTI that the deal was signed in the first week of this month and the new promoters’ have rechristened the company as ‘Uttam Galva Ferrous’.
“We wanted to set up a steel plant in Bellary and had invested Rs 285 crore… Now Uttam Galva, the Miglani family has taken it over. It has been sold at par,” Reddy, who is also the Chairman of Bramhani Industries, said.
-Agencies