Decks cleared for Indian Oil's Rs 800 crore ethanol plant in Gorakhpur

Yogi government sweetens offer to IOC by slashing land lease rent by 50%

Uttar Pradesh government has cleared the final decks for the much awaited Indian Oil Corporation’s (IOC) greenfield ethanol plant in Gorakhpur, the pocket borough of chief minister Yogi Adityanath.

While, the government had in October 2018 approved the transfer 50 acres of land to the IOC against differential rent spread over the 30 year lease period, the public sector behemoth was insisting on lowering the rent, thus delaying the prestigious project.

Earlier, the state had allowed for charging 5% lease rent on the prevailing circle rate, which the IOC deemed too high and demanded a downward revision. The Adityanath cabinet