Provisional LOI from WBIDC for ~40 acres at Kharagpur on 99-year lease
The company has received a Provisional Letter of Intent / in-principle approval from WBIDC, Government of West Bengal, for allotment of approximately 40 acres at Vidyasagar Industrial Park, Kharagpur.
By ScoutQuest · · 1 min read
- Land Allotment
- approximately 40 acres at Vidyasagar Industrial Park, Kharagpur
- Lease Term
- 99 years long-term lease
- Planned Facility
- manufacturing facility for Integrated Power Cables and Conductors
- Approval Status
- Provisional Letter of Intent / in-principle approval from WBIDC, Government of West Bengal
What was announced
The Company has received a Provisional Letter of Intent (LOI) / in-principle approval from the West Bengal Industrial Development Corporation Limited (WBIDC), Government of West Bengal, for the allotment of approximately 40 acres of land at Vidyasagar Industrial Park, Kharagpur, West Bengal.
Purpose
- Setting up a manufacturing facility for Integrated Power Cables and Conductors.
Terms
- Allotment is on a long-term lease basis for a period of 99 years.
- It is subject to the terms and conditions stipulated in the LOI issued by WBIDC.
- The Company is required to complete the necessary formalities and comply with the prescribed conditions for execution of the lease and commencement of the project.
How to read it
This is an in-principle, provisional stage: the lease is yet to be executed and conditions are yet to be met. The Company states the proposed project is expected to strengthen its presence in the power infrastructure sector, expand manufacturing capacity, improve supply chain efficiencies and support future growth opportunities.
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More numbers
- Land area proposed for allotmentapproximately 40 acres
- Lease tenure99 years
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