Gujarat State Government to Fund Nano Project
The Gujarat state government will give benefits worth Rs. 95 billion to the Tata Motors project in Sanand. The company has recently shifted its manufacturing operations to manufacture the world’s cheapest car, Tata Nano . The state government shall offer benefits in terms of development of infrastructure, project area and other resources.
Tata Motors will need to pay for the project from 20 years of commencement of the project. The interest rate for the repayment amount will be 0.1 percent. The repayment will be adjusted against the value added tax dues on the company.
Tata Motors plans to develop a “Transport Nagar” near the plant location in Charodi. It also plans to build a township keeping in mind the developing plant and its HR requirements. The government has also pledged to provide hundred acres of land for developing the proposed township.
[via: cartradeindia]
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