"The Cabinet approved land allotment and guidelines for land for industry and commercial purposes," state Industry minister Partha Chatterjee said after the meeting.
"There was no transparency for land allotment and pricing for industry or commercial purpose. This government intends to introduce the same," he said.
However the policy has not changed the government's stand on SEZ.
Banerjee will meet captains of industry in Delhi on December 17.
Chatterjee said along with ITC, 14 projects received approval for land.
He said ITC would be alloted 15 acre, but pricing was yet to be decided.
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According to the policy, land for commercial purpose would be offered to the highest bidder through auction.
But for industry land, may not be offered to the highest bidder and selection could be based on overall development prospects of the region and employment opportunity as a special case with approval of the Cabinet.
The state also intended to bring land allotment into the public domain for greater transparency.