Pallavi Bisaria / New Delhi/ Lucknow April 09, 2007
The much-awaited work on initiating the phase I of the Lucknow Industrial Development Authority (LIDA) is soon to see the light of the day.
The authority is scheduled to have a formal agreement with the Housing Urban Development Corporation (HUDCO) for the release of a loan amounting to Rs 53 crore thus initiating the procedure of land acquisition.
According to a source close to LIDA, a total loan amounting to Rs 120 crore was applied by HUDCO. This also included Rs 10 crore to be spent on the rehabilitation of the displaced population.
Although given that LIDA is a new configuration, HUDCO demanded a government guarantee from LIDA. Followed by a public investment board meeting, the cabinet decided to grant in principal guarantee to LIDA in the month of February this year.
The phase I which involves acquiring of about 2, 100 acres in district Lucknow is supposed to take place at the later part of this month.
Hudco soon to sign Lucknow deal
Pallavi Bisaria / New Delhi/ Lucknow Apr 09, 2007, 22:53 IST
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