Goa govt to pay Rs 300 crore to five SEZ promoters as settlement

The Goa Industrial Development Corporation has agreed to pay Rs 300 crore as an "amicable settlement" to five companies that had purchased land in the proposed SEZs in the state, which were scrapped later.

The erstwhile Digambar Kamat government had in 2008 scrapped the SEZ proposal following protests by local people.

The decision adversely affected seven companies that had made investments for buying land in south Goa and North Goa.

Subsequently, they approached the Supreme Court against the government's decision.

The apex court in February this year directed the Goa government and the promoter companies to work out an amicable solution in this regard and fixed the next hearing in July.

GIDC chairman Glenn Ticlo told reporters today that five of the seven companies have approached the corporation with the proposal to unlock 38 lakh square metres of the land which was allotted to them under SEZ.

"Five SEZ promoter companies--K Raheja & Corporation, Peninsula Pharma Research Centre, Planetview Mercantile Co, Inox Mercantile Company and Paradigm Logistics & Distribution--have submitted their proposal to the government expressing their willingness to settle the matter amicably," he said.

Ticlo said the companies have asked for refund of the original amount they had deposited for buying land along with 15 per cent interest on their investments.

"The board meeting of the corporation had last week agreed to pay back the invested money along with the 9 per cent interest, and not the 15 per cent as demanded by the companies," he said.

According to Ticlo, the total amount payable to the companies is around Rs 300 crore.

The companies had invested in the lands at Verna and Sancoale industrial estates in South Goa and Keri in North Goa.