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Maharastra takes back 100 acres of Navi Mumbai land allotted to Videocon

Mumbai: Maharashtra Cabinet on Saturday decided to scrap the deal to hand over 100 acres of land in Navi Mumbai for the special purpose vehicle (SPV) of Videocon Industries Ltd for its TFT-LCD project with Cidco.

The decision to grant the land at cost of Rs 300 crore had been taken in August 2008. However, the project was not progressing and the company was not in agreement with the clauses of the memorandum of understanding. Hence, the SPV company formation process was not completed.

Officials said the land is also needed by City and Industrial Development Corporation (Cidco) for several important projects.

The cabinet authorised Cidco to complete the formalities of scrapping the deal, officials said.

In another decision, the cabinet also approved a proposal to regularise the transfer of gift land in Marathwada region.

Farmers have acquired the inam (gift) land from the Nizam period, but the acquisition was not legal. The government has decided to relax the conditions for the transfer of these lands and regularise them.

PTI

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Updated Date: Aug 31, 2014 13:38:07 IST