"Jindal has communicated his decision to us to return the 294 acres of
land to the farmers procured for their project. We are forming a
committee under the district magistrate so that the land is returned to
the farmers," she said.
With the return of land and scrapping of the project, the company is estimated to incur at least Rs 700 crore loss as it had made considerable investment there.
JSW had bought 294 acres of land from 485 farmers paying Rs 3 lakh per acre which is nearly 275 percent higher then the then prevalent rate.
Also, free shares of equivalent amount and a job guarantee for every land seller's family was agreed upon. However, with lack of availability of raw materials impeding the project, the company decided to return the land.
Post the handover, JSW Bengal will be left with 4,268 acres government land, which has been leased to it for the Rs 35,000 crore project.
With the return of land and scrapping of the project, the company is estimated to incur at least Rs 700 crore loss as it had made considerable investment there.
JSW had bought 294 acres of land from 485 farmers paying Rs 3 lakh per acre which is nearly 275 percent higher then the then prevalent rate.
Also, free shares of equivalent amount and a job guarantee for every land seller's family was agreed upon. However, with lack of availability of raw materials impeding the project, the company decided to return the land.
Post the handover, JSW Bengal will be left with 4,268 acres government land, which has been leased to it for the Rs 35,000 crore project.
Source: Chhattisgarh News in Hindi and MP News in Hindi
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