Land of defunct Mohali plant to be auctioned off
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State could earn upto Rs 100 crore on the sale which will be put towards land acquisition for IT park in Sector 101 in Mohali
The defunct JCT Electronics Limited Mohali plant, spread over 36 acres of prime land, will be auctioned. Bids have been invited in this regard and the minimum price has been kept at Rs 213 crore. This plant was locked out many years ago.
Sources said that bids have been invited for the sale of 31 acres and 5 acres of prime industrial leasehold land along with structures of JCT by Assets Sales Committee (ASC) under the directions from the Board for Industrial and Financial Reconstruction. The 31 acre plot is in Industrial Area Phase VIII (A-32) and five acre plot is (A-27) in Industrial Area Phase VII both of them in Mohali across the road. The inspection of these premises will be allowed from October 16 to November 22 to the interested parties who have purchased the bid document.
The minimum price fixed for the 31 acres plot is Rs 181.38 crore and while for the five acre plot is Rs 31.61 crore which comes to on an average of Rs 6 crore an acre. The bid will be opened in JCT Electronics' Office in Delhi on November 23 and the successful bidder will be announced on November 24.
A senior government functionary said: "The state government has nothing to do with the auction it is private affair. But as this plot was given to the company at a throw away price so now after auction the company will pay 50 per cent from the un-earned increase in profit of the sale (difference between the sale price and cost of allotment) to the government.''
"The state government is pegging that it might get more then Rs 100 crore from this and this money straight goes of Punjab Infotech Limited. So this money might be spent by Infotech on acquisition of 83 acres of land for deploying an IT Park in Sector 101 in Mohali. As already government has issued notices under section 4 and 6 for this acquisition,'' said the officer.