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HSIIDC set to bring new policy for attracting foreign companies

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Business Finance

Press Trust of India  |  Chandigarh 

Haryana State Industrial and Infrastructure Development Corporation will bring in a new policy for allotment of industrial plots on a leasehold basis in industrial estates in a bid to attract companies wanting to shift their manufacturing units from abroad.

HSIIDC will bring in a new policy for allotment of these industrial plots on a first come-first serve basis.

Under this policy, any company having at least one manufacturing unit abroad that has been in commercial production as on January 1, 2020, for at least a period of one year shall be eligible to apply, a decision to this effect was taken in a Board meeting of HSIIDC held under the Chairmanship of Principal Secretary to Chief Minister and Chairman HSIIDC, Rajesh Khullar here on Thursday.

Khullar said that this path-breaking policy of "land on lease" would entail investors to operate on land taken on lease without any capital investment initially and at a later point of time, convert it to a free-hold asset, subject to certain terms and conditions.

This initiative to cut down the cost of doing business in Haryana has been formulated in view of the inputs received from prospective investors through a series of meeting held under the chairmanship of the Chief Minister Manohar Lal Khattar with foreign investors recently through video conferencing to attract investment, he said, as per an official statement.

A three-day webinar was held with a number of investors and companies from May 6 to 8. A virtual web desk has also been created for promoting interaction between MD, HSIIDC and potential investors and regular meetings are being held on every Monday, Wednesday and Friday, the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 21 2020. 22:34 IST
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