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K'taka govt says Jindal land allotment of 3,677 acre is lawful
ECONOMY & POLICY

K'taka govt says Jindal land allotment of 3,677 acre is lawful

27 Aug 2024 2 Min Read CW Team
Karnataka's Minister for Large and Medium Industries, MB Patil, strongly defended the government's decision to execute a lease-cum-sale deed for 3,677 acre of land to Jindal Steel Company, stating that the transaction was fully compliant with the law.

Patil emphasised that the sale was based on a government order issued after a court directive and a subsequent Cabinet resolution, ensuring there was no possibility of any wrongdoing.

Patil clarified to the press that no concessions were given to Jindal. He explained that the company paid the market price, and all government regulations were strictly adhered to. He further stated that the same rules applied to over one lakh industries in the state were also applied in Jindal's case. He mentioned that the issue had been unnecessarily prolonged for nearly nine years.

Looking ahead, Patil noted that a global investor conference would be held in Bengaluru in six months. He highlighted Jindal's significant investment of Rs 900 billion in the state and the creation of 50,000 jobs. He stressed the importance of ensuring that no negative message is sent to potential investors by the government.

Patil also explained that, according to the industrial policy, entrepreneurs who are provided land by the government are required to utilize at least 51 per cent of it within ten years while keeping their operations active. He noted that the sale contract is executed according to policy, and Jindal has fully complied with these requirements.

Patil pointed out that Karnataka faces stiff competition in the industrial sector from states like Tamil Nadu, Maharashtra, Gujarat, Andhra Pradesh, and Telangana, where many states offer free land to industries.

Karnataka's Minister for Large and Medium Industries, MB Patil, strongly defended the government's decision to execute a lease-cum-sale deed for 3,677 acre of land to Jindal Steel Company, stating that the transaction was fully compliant with the law. Patil emphasised that the sale was based on a government order issued after a court directive and a subsequent Cabinet resolution, ensuring there was no possibility of any wrongdoing. Patil clarified to the press that no concessions were given to Jindal. He explained that the company paid the market price, and all government regulations were strictly adhered to. He further stated that the same rules applied to over one lakh industries in the state were also applied in Jindal's case. He mentioned that the issue had been unnecessarily prolonged for nearly nine years. Looking ahead, Patil noted that a global investor conference would be held in Bengaluru in six months. He highlighted Jindal's significant investment of Rs 900 billion in the state and the creation of 50,000 jobs. He stressed the importance of ensuring that no negative message is sent to potential investors by the government. Patil also explained that, according to the industrial policy, entrepreneurs who are provided land by the government are required to utilize at least 51 per cent of it within ten years while keeping their operations active. He noted that the sale contract is executed according to policy, and Jindal has fully complied with these requirements. Patil pointed out that Karnataka faces stiff competition in the industrial sector from states like Tamil Nadu, Maharashtra, Gujarat, Andhra Pradesh, and Telangana, where many states offer free land to industries.

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