 "Idco transfers 85 acres pvt land to Essar Power")
The land has been allotted at Bijaychandrapur under Kujang tehsil in Jagatsinghpur district.
Previously, the same patch of land was allotted to another Essar Group firm, Essar Steel that surrendered the land.
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Since Essar Steel had already paid Rs 7.58 crore towards land cost, Essar Power would have to pay only 15 per cent of the land cost (or Rs 1.13 crore) towards transfer fee on the proportionate cost of lease deed with Idco.
As per the land allotment letter issued by Idco to Essar Power, the land needs to be utilised for establishment of CPP only and cannot be sub-leased for any other purpose to any other institution.
The land transfer on lease hold basis is for a period of 80 years from the date of allotment or execution of lease agreement, whichever is earlier.
Essar Power would obtain the necessary clearance from the State Pollution Control Board (SPCB) for the project before taking up any civil construction and would also maintain the environmental balance which might be required at the time of commissioning of the project. The liquid effluents discharged by the CPP need to meet the SPCB's prescribed norms.
The company also needs to take the requisite clearance on CRZ (coastal regulatory zone) condition from the appropriate authorities.
It would make necessary provisions for peripheral development along with provisions for development of ancillary industries at its own cost. The internal infrastructure at the allotted land including laying of roads and their improvement, water supply and electricity for the project will also be borne by Essar Power.
The company is required to achieve financial closure for the project within a year of physical possession of land.