After a prolonged public dispute or debate, the government approved the selling of 3,667 acres of land (at Rs 1.2 lakh to Rs 1.5 lakh per acre) in Torangallu to Jindal Steel Works (JSW) without any amendments or modifications to the lease-cum-sale agreement.
The company had deposited Rs 18 crore with the government for the lease-come-sale deed, according to the agreement signed between the then Karnataka government and JSW. But according to the guidelines, the finance department has already stated that the land prices at which the sale can be executed cannot be less than the property’s regular rates (SR).
However, the sale deed will be executed in the company’s favour at a price of Rs 1.2 lakh to Rs 1.5 lakh per acre.
Minister Jagadish Shettar said the sale deed’s execution was “inevitable” and that there was little that could be done about it.
Jagadish Shettar Said “Had we not executed the sale deed then what message would we be sending to the country and the world? That JSW, a leading steel industry which has provided employment to over 25,000 people in Ballari and invested hundreds of crores was being sidelined, is a statement that cannot augment well for Karnataka,”