Karnataka minister defends govt's decision to sell land to JSW Steel

"We have not provided any concessions to JSW. The company paid the market price, and all government regulations were strictly followed. The same rules that apply to over one lakh industries in the state have been applied in JSW’s case as well." said Patil. He said that the issue had been unnecessarily dragged on for nearly nine years.

Patil said that Global Investors Meet (Invest Karnataka) would be held in Bengaluru in six months. He highlighted that JSW has invested Rs 90,000 crore in the state and created 50,000 jobs. "In such a scenario, it is crucial that no wrong message is sent to potential investors by the government," said.

Patil said that, as per the industrial policy, entrepreneurs provided land by the government are required to utilise at least 51 percent of it within 10 years while keeping their operations running. The sale contract is then executed as per policy, and JSW has fully complied with these requirements.

Also, read: Karnataka to conduct Global Investors Meet in Bengaluru from Feb 12-14 next year

"We face stiff competition in the industrial sector from Tamil Nadu, Maharashtra, Gujarat, Andhra Pradesh, and Telangana. Many states are offering free land to industries," Patil said.

The cabinet has decided to execute an absolute sale deed for 2,000.58 acres in the villages of Tornagallu and Kurekuppa, and for 1,666.73 acres in the villages of Tornagallu, Musenayakanahalli, and Yarabanahalli in Sandur taluk, Ballari district, in favor of JSW Steel. The company will acquire the 2,000.58 acres at a rate of Rs 1.22 lakh per acre and the 1,666.73 acres at a rate of Rs 1.50 lakh per acre.