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Thursday, December 3, 2020

IDC to pay Rs 300cr to SEZ promoters to take back land

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Panaji: In an effort to take back 38 lakh sq mtrs of land locked in Special Economic Zone (SEZ), the Goa Industrial Development Corporation (GIDC) has agreed to pay around Rs 300 crores to the five SEZ promoters who had expressed their willingness to give back the land.

The decision was taken during the GIDC board meeting last week.

Speaking to reporters, GIDC Chairman Glen Ticlo said that Board has decided to pay the total amount along with nine percent interest to the five promoters. “The total amount payable comes to the promoters is around Rs 300 crores,” he said.

Five  SEZ promoters are K Raheja & Corporation, Peninsula Pharma Research Centre, Planetview Mercantile Co, Inox Mercantile Company and Paradigm Logistics & Distribution.

The proposal came following directions from the Supreme Court, who is hearing the matter.

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