According to the third chargesheet in the Jagan Mohan Reddy’s illegal investment case, the project structure of the Pharma City was changed from Build, Own, Operate and Transfer (BOOT) to just Build, Operate and Own (BOO). Significantly, the CBI has built its case in the Vanpic issue on a similar change from BOOT to BOO and stated that it was the base for the quid pro quo investments by promoter Nimmagadda Prasad.

Investigations revealed that a Cabinet sub-committee appointed by the then CM N. Chandrababu Naidu had made the changes in the project structure in the Ramky affair, that too halfway through the tendering process. The tender was notified on December, 17, 2002, and 11 companies, including Ramky, had submitted Expressions of Interest. Later, seven companies, including Ramky, had purchased Request for Proposal documents but only three, Zoom Developers, Maridi and Vartsila, submitted detailed proposals.

The bids of Maridi and Vartsila were found incomplete and subsequently Zoom also became ineligible as it failed to furnish replies sought by the APIIC. It was at this stage that Mr Naidu constituted the sub-committee which approved the changes on June 28, 2003. Interestingly, Ramky submitted its proposal on July 31, 2003, and Mr Naidu approved the note, giving in-principle go ahead to the developer. The very day he recommended dissolution of the Assembly on Nov. 14, 2003. CBI investigations also revealed that Ramky Pharma City India Ltd was set up on March 11, 2004, just one day before the APIIC entered into a concession agreement with it.