Special industrial package extended to 3 firms

Solan, December 31

A customised industrial package has been extended to three companies, promising a slew of exemptions.

To encourage investors, the Cabinet sub-committee meeting held on December 3 approved various incentives for two new units and the expansion of an existing one under the customised industrial package.

These units include Rs 850-crore Kinvan Private Limited, which will manufacture active pharmaceutical ingredient potassium carbonate and employ 475 persons. It has been offered land at Re 1 per sq m per annum for 95 years, besides exemption in stamp duty, registration fee and energy charges and power duty, etc.

Another unit SMPP Ammunition Private Ltd will fetch an investment of Rs 3,000 crore and employ 5,000 persons directly and indirectly. A high-powered committee headed by the Secretary (Industries) and the Chief Minister had recommended the packages on November 17.

Meanwhile, Indo Farm Equipment Limited already has two operational units at Baddi, having an investment of Rs 261 crore and 800 employees. The group is now setting up an automobile components factory for tractors and cranes, etc, where 30 to 40 ancillary units will be set up. It has pegged its land requirement at 60 acres to set up an auto park in the upcoming industrial area at Malkhumajra where it will generate employment for 3,360 persons, inclusive of the ancillary units.

In its list of expectations, the company has demanded land at a nominal rate and stamp duty exemption, infrastructure support and channelling of a nullah at the site, power at concessional rates, exemption in electricity duty and tax rebate.

As against the present rate of land allotment of Rs 4,000 per sq m, 30 acres has been approved at the rate of Rs 250 per sq m. Exemptions have also been provided in stamp duty, registration fee and power duty for five years.

The existing investors have, however, raised objections to the largesse extended to a select few. They say plots should have been allotted to small investors, who are operating on rent.

The newly carved out industrial area at Malkhumajra has 373 bighas, whose layout was being chalked out by the HP State Industrial Development Corporation, and offer letters had been given to some investors, said officials of the Industries Department. — TNS

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