ITC, Sterlite in expansion mode despite meltdown

Despite the global meltdown, ITC, HUL, Sterlite and other top companies are going ahead with their expansion plans thanks to the allotment of extra land at key industrial areas of Uttarakhand.

“We believe all these companies are going for expansion programmes,” a top official of the state government said after issuing allotment letters to these companies.

FMCG giant HUL has been allotted 64,000 sq meter of land at Haridwar industrial estate where it has committed to invest Rs 510 crore for expansion programme. It was among the first few companies, which had set up its units in Haridwar taking the benefit of the 2003 special industrial package of the Central government.

ITC, another FMCG top company, has also been given 38,400 sq meter of land at Haridwar where it would be investing Rs 260 crore.

Similarly, Sterlite, a Vedanta group company, has proposed to invest Rs 95 crore for the expansion of its Haridwar plant and has been allotted 19,200 sq metre of land.

Delta India Electronics Ltd, a computer giant, has been allotted 1.21 lakh sq meter of extra land at Pantnagar where the SIDCUL had sufficient land. Similarly, Hind Zinc has been given one lakh sq meter of plot at Pantnagar.

The land allotment to the big companies for expansion programme is also being seen as a major boost to industrialisation process in Uttarakhand where companies are taking benefit of the 2003 package complete with a slew of tax incentives.

The officials here said the companies are trying to overcome the slowdown through these tax benefits.