The CBI has included Bharathi Cement Corporation as one of the accused in the FIR filed against Mr Y.S. Jagan Mohan Reddy in the illegal assets case.

The CBI stated that the acquisition of Bharathi Cements by a French firm raised doubts for two reasons: one, the valuation was quite abnormal and second, the management of the firm was still left to Mr Jagan though there are other major stake holders.

Mr Jagan’s wife, Ms Y.S. Bharathi Reddy, is the chairperson of Bharathi Cements. It is alleged that Mr Jagan and his associates divested their shares in Bharathi in favour of a foreign firm M/s Parficim SAS Switzerland.