DelhiScoop.com
HOME | TOURISM | INFO TECH | NEWS | REAL ESTATE | HEALTH | INFRASTRUCTURE | EDUCATION | CONTACT US - SANJAY @ 98 119 87371

HJM To Set Up Jute Park At Shaktigarh On A 25-acre Land At A Cost Of Rs 33. 65 cr


By Nishant, Section News
Posted on Thu Sep 25, 2008 at 01:14:43 AM EST

Kolkata-based Hastings Jute Mill (HJM), a division of the premier jute export house Murlidhar Ratanlal (MREL) is setting up a jute park at Shaktigarh in Burdwan district, 110 km from Kolkata, at a cost of Rs 33. 65 crore on a 25-acre land.

A special purpose vehicle ( SPV) - Shaktigarh Jute Park Infrastructures Ltd ( JPIL), has been formed with HJM as the anchor investor and major stakeholder along with five other jute diversified production centres ( JDPCs) to set up the unit. The debt-equity ratio of the SPV has been pegged at an almost 1:1.

While the promoters contribution is Rs 9.15 crore, which is 27 per cent of the project cost, Jute Manufactures Development Council ( JMDC) has promised a grant of Rs 7.5 crore which is another 22 per cent of the remaining projected investment. The SPV will take term loans of Rs 17 crore, almost 51 per cent of the project cost, from banks and financial institutions (Fis)

"As the land deal is almost clinched we will shortly start construction work for setting up the jute park in the Burdwan-Memari belt. Other facilities from the government are also in line", said Sanjay Kajaria, director HJM.

The surrounding areas of the park are jute growing land and are close to the national highway and railway station for a link up with other parts of the state.

Click On "Full Story" for More....

The estimated investment works out to 23 per cent of cost each on land and building common facilities, 40 per cent on factory buildings and the remaining 14 per cent on common infrastructure. The value of the land arranged by the SPV is estimated at Rs 7.5 crore considering the provisional price of Rs 30 lakhs per acre.

The proposed park will have integrated facilities for spinning, weaving, wet processing for various jute products including diversified items. There will be centralized auxiliary units like raw jute and jute product warehousing and packaging units. A spinning, mackloom, fine yarn, weaving (fine hessian and donnier loom) along with a sacking bag unit will be set up in the park.

The West Bengal government will provide a state capital investment subsidy of 15 per cent on fixed investment and an interest subsidy of 25 per cent on the annual interest liability of the term loan borrowed from banks and FIs for 6 years.

The project will also receive a waiver of electricity duty for 5 years from the date of commercial production. Moreover, there will be reimbursement of electricity charges at the rate of 30 per cent of such charges paid by the project for a period of 5 years from the time of commercial operations.

The proposed jute park will get incentive for employment generation by way of reimbursement of 80 per cent expenditure for paying ESI and EPF of employees for 6 years.

The project will get a refund on stamp duty and registration fee at the rate of 60 per cent on the land acquisition and purchase deals required for the project.

West Bengal is the major supplier of diversified products in the export and domestic markets. Currently the state has 600 units producing diversified products and employing 5000 persons.

Source: Business-standrad  25/Sep/2008

< 'India's Most Investor-Friendly Companies': Report by DUBLIN, Ireland -- Research And Markets | Railway Police Deploy Flying Squads To Patrol Metro Platforms >
Display: Sort:
Display: Sort:
Win A Jeans Twice a Week
&
Win A Kurta 7 Days A Week
MEMBERS AREA

Make a new account

Username:
Password:
 ACTION CENTER

Internet Services

Who's Online? (11)

. Unregistered Visitors (11)

Note: You may cloak yourself from appearing here in your Display Preferences.

Site Stats

No Access

Recent Comments

. GOOD ATTEMPT (khurshid anwar)

. Private investment is must for countries growth (khurshid anwar)

. comment (syeedunsyd)

. comment (syeedunsyd)

. Gift Tax (Mrs Gupta)

. DTDC (tanay253)

Recent Member Diaries


More Diaries...

Front Page

Monday December 1st
. Special Economic Zones (SEZs) Lose Sheen Amidst Credit Crisis (0 comments)
. West Bengal industrial growth rate higher than national average (0 comments)
. Realty Faces Reality, Here Is What Three Key Real Estate Consultants Said: (0 comments)
. Two New Research Wings At School of Tropical Medicine (STM) Soon (0 comments)

Sunday November 30th
. Land Acquisition Fears Hit Power Projects In Bengal (0 comments)
. EWDPL Eyes Cash Crunch-Hit Mall Projects, Who Are Unlikely To Finish Their Projects (0 comments)
. India's Property Market Continues To Weaken With Discounts Of Up To 50% (0 comments)

Saturday November 29th
. The ground reality (0 comments)

Friday November 28th
. Calcutta University (CU) Decides To Change Undergraduate Exam Pattern (0 comments)
. 'RadioCabs.in.' first portal where you can get any types of information related to Radio cabs (0 comments)

Thursday November 27th
. SEZ Applications To Go Online'www.sezindia.nic.in', Help The Developers To Apply In Tax Free Zones (0 comments)

Wednesday November 26th
. Govt To Set Up Land Bank To Woo IT Majors, Aime To Avoiding A Repeat Of The Land Crisis (0 comments)
. Ambani Institute Bill Passed After Debate (0 comments)
. A Flyover, A Railway Overbridge And A Service Road Are Part Of Rs 400cr Plan To Decongest Bypass (0 comments)
. Kolkata Metro To Get 7-km Extension with Dumdum To Dakhineshwar (0 comments)
. Railways plans ticketing system that doesn't trip on power (0 comments)

Tuesday November 25th
. Global Meltdown Cast A Shadow Over The State's First FDI Venture In Real Estate (0 comments)
. 26th North Bengal Book Fair To Begin On Wednesday At Kanchenjungha Mela Ground (0 comments)
. Bengal Engineering and Science University (Besu) Classes Next Week (0 comments)
. Makeover Drive On North Calcutta Streets, Starting With The Shyambazar Five-Point Crossing (0 comments)
. City Set To Get Its First Badminton Academy By January (0 comments)
. On the Net, confidential information is monitored everyday. how much of a factor is privacy? (0 comments)

Monday November 24th
. Reserve Bank of India (RBI) Told To Push Core Status For Special Economic Zones (SEZs) (0 comments)
. Home Buyers Worry About Job Security In The Current Economic Scenario, Say Experts (0 comments)
. Reduce Property Prices and Lower interest rates must for revival: DLF (0 comments)

Older Stories...


All trademarks and copyrights on this page are owned by their respective companies. Comments are owned by the Poster. The Rest (c) GurgaonSCOOP.com and QBTPL.
submit story | create account | faq | search