Madhya Pradesh Government Greenlights Reliance Group's Defence, Aerospace Parks

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    Madhya Pradesh Government Greenlights Reliance Group's Defence, Aerospace Parks
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    BHOPAL: The Madhya Pradesh government has approved proposals by the Anil Ambani-led Reliance 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 SEZ in Dhar district. Reliance Defence and Aerospace Ltd will establish the aerospace park here 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 percent premium on a 99-year lease, he said. The project would also get concessions in VAT and CST.

    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.

    Reliance Defence and Aerospace Ltd will establish the aerospace park at the cost of Rs 1,250 crore in Bhopal.

    "With a view to create large-scale employment opportunities for locals, under Investment Promotion Policy 2014 and Defence Manufacturing Production Investment Policy 2014, the company will be allotted 76 acres of land on 25 percent premium on 99-year lease," the official said.

    Besides, half the expenditure on basic infrastructure construction, including power, water and road works upto a maximum of Rs 5 crore, will be borne by the government. A total of 50 percent exemption in VAT and CST will be given for 20 years, besides exemption from entry tax, electricity duty, stamp duty and registration fee.

    The project will also get a subsidy on expenditure on research and development and concession in power tariff at the rate of Rs 1 per unit for five years. Power infrastructure works will be undertaken by MP Power Transmission Company.

    Source>>
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