Rayapati ‘s Transstroy company turns defaulter

rayapatiAccording to Sakshi news, TDP MP Rayapati Sambasiva Rao’s Transstroy company has joined the list of companies that have turned defaulters.

Transstroy reportedly took loans worth Rs 4,300 crore from 14 banks and failed to repay back. The company bagged the prestigious Polavaram irrigation project contract.

The company’s unethical practices came into light as when it took Rs 5 crore loan from Dena Bank for purchasing Lamborghini, Mercedes Benz S 350 luxury cars.

The company failed to pay loan installments, Dena Bank declared Transstroy account as Non-Performing Asset.While other banks have decided not to give loans to the company.