Tata Motors to pay Rs1,000 crore for Singur land lease
23 Aug 2007
Mumbai: Tata Motors would pay West Bengal Industrial Development Corporation (WBIDC) about Rs1,000 crore in a phased manner for the Singur land lease of 90 years for its small car project, the company informed the Calcutta High Court.
Submitting before Chief Justice S S Nijjjar and Justice P C Ghose on a PIL challenging the acquisition of land at Singur for the project, Tata's counsel S Pal said while West Bengal government was paying Rs118 crore as compensation for 997 acre acquired at Singur for the project and ancillary industries, Tatas would be paying a much higher amount though in a phased manner.
He also produced before the court the deed of lease executed between WBIDC and Tata Motors Limited indicating the premium and rent that Tata motors would have to pay on different slabs of increase.
