Industrial policy gives wings to business parks
The industrial policy declared by Punjab Government on June 3 has come as a breather for the business community in the state. The announcement has given a new lease of life to the projects of the industrial parks which were in the pipeline for years.punjab Updated: Jun 08, 2013 20:27 IST
The industrial policy declared by Punjab Government on June 3 has come as a breather for the business community in the state. The announcement has given a new lease of life to the projects of the industrial parks which were in the pipeline for years.
Hampton Court Industrial Park located on Chandigarh Road in Ludhiana being one of its kind in Northern India is eligible for Zone 1 benefits stated Sanjiv Arora, MD of the Hampton Court Industrial Park, while addressing a press conference here on Saturday.
Arora said, "Zone 1 benefits include, exemption from VAT and CST up to 50 to 80% of investment, 100% exemptions in electricity duty, 100%, exemption in stamp duty as well as property tax."
So as to address the environment issue, the park will only invite green industry that includes hosiery units, cycle parts without electroplating, paint (by mixing process only), carpentry (excluding saw mill), oil ginning/expelling (no hydrogenation/refining), power looms/handlooms (without dyeing and bleaching), printing press, garments stitching, tailoring, plastic processed goods, medical and surgical instruments, and electrical goods.
When asked to comment on the viability of the project, Arora said that the project with the revenue worth Rs 400-500 crore would get completed by May 2015 as 60 % of the plots have already been sold. "In order to ensure that nobody joins this venture with investment-oriented approach, we have a policy to sell-off the plot to the individual/house keen on setting up a unit. Also, we will invite NRIs to set up units in Hampton Business park," Arora said.
He said, "Green Belts, 24x7 power supply, water supply, hi tech security, free industrial connection, huge exhibition hall, food courts, health club, service apartments are some of the unique features of this park."
Sanjiv Arora said, "The industry wants to do away with the broken roads, overflowing sewerage water and muck in the industrial area and focal point and the answer lies in the corporate style offices in Hampton Plaza a part of the business park."