Speaking to media persons at Tirupathi, Karnataka Minister and promoter of Brahmani Steels Gali Janardhan Reddy said that he didn't take any loans from banks for Brahmani Steels. He said, "I didn’t take any loans for it and also there is no necessity for loans." Mr. Janardhan Reddy said he will be soon launching the works of Brahmani Steels. He described the reports appeared in the press as false.

Earlier there had been reports that Janardhan Reddy has sold off the Brahmani Steels to Uttam Galva Steels and the the company's name will be changed as Uttam Galva Steels. The Brahmani Steels was awarded with 10,670 acres of land during Dr. YS Rajasekhar Reddy's tenure at a cheap rate on the condition that the company will make use of the Minor Iron Ore extracted from the mines in Ananthapur district. It is alleged that Gali Janardhan Reddy has made thousands of crores of rupees by exporting the iron oar, keeping works of Brahmani Steels in pending.