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Anil Ambani Group Gets Nod for Defence, Aerospace Parks in Madhya Pradesh.


Date: 13-01-2016
Subject: Anil Ambani Group Gets Nod for Defence, Aerospace Parks in Madhya Pradesh
BHOPAL:  The Madhya Pradesh government has approved proposals by the Anil Ambani-led group to set up a defence park and an aerospace park in the state with a combined investment of Rs. 4,250 crore.

Reliance Land Systems Ltd will set up the defence park with Rs. 3,000-crore investment at Pithampur Special Economic Zone (SEZ) in Dhar district.

Reliance Defence and Aerospace Ltd will establish the aerospace park at the cost of Rs. 1,250 crore, a government official said.

Both the proposals were cleared at a meeting of MP Investment Promotion Committee chaired by Chief Minister Shivraj Singh Chouhan yesterday, he added.

The defence park project will be provided an estimated subsidy of Rs. 161.5 crore, while the aerospace park will get Rs. 327.33 crore subsidy under the industrial promotion policy of the MP government, the official said.

The defence park will be allotted 300 acres of land on 25 per cent premium on a 99-year lease, he said. The project would also get tax concessions.

As per the SEZ Act, 2003, the defence park will be given exemptions from entry tax, electricity duty, stamp duty and registration fee. It will get exemption in local body taxes too, the official said.

The project would also get subsidy for research and development, labour cost, and training expenditure grant to train Madhya Pradesh-domiciled people. It has also got permission to employ women workers in three shifts.

The company will be given a total of Rs. 161.5 crore assistance -- Rs. 24. 5 crore under the policy, plus additional assistance of Rs. 137 crore.

Source : ndtv.com

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