Eldeco-Sidcul may get stamp duty relief

"The government is likely to impose stamp duty on the industrial estate on the basis of old rates," an official said. A proposal in this regard was expected to come up at the next cabinet meeting, the official added.

Last month, the government transferred the land to the joint venture company on the recommendation of Sidcul.

The two decisions are being seen as major relief to Eldeco despite the fact that the government set up two enquiry commissions to probe the alleged scandals in Sidcul, particularly the one related to the Sitarganj industrial estate encompassing an area of 1,096 acres where the Eldeco-Sidcul Industrial park (ESIP) is being set up.

The joint venture was set up under the PPP mode with a view to promoting industrialisation in Sitarganj. But soon, the company came under the scanner in the wake of a series of alleged scandals plaguing SIDCUL.

SIDCUL officials maintained that the transfer of land to the joint venture would not affect the functioning of the inquiry commission. The inquiry may continue side by side, the official claimed.

Though a majority of industrial plots have been allotted at Sitarganj, officials said there were still 30 per cent of the plots left, for which advertisements have been issued in newspapers.