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Payment details of Singur car unit produced before Bench
Our Legal Correspondent
Kolkata, Aug. 27 Counsel for Tata Motors on Monday produced the entire payment schedule for their small motor car unit at Singur, West Bengal, before the Division Bench comprising Mr. S.S. Nijjar, Chief Justice and Mr Justice P.C. Ghose of Calcutta High Court.
On August 22, counsel of Tata Motors stated that for the motor car unit, WBIDC and the State Government had given 645 acres for a period of 90 years lease and that for the lease period Tata Motors will pay Rs 1,000 crore.
Today, counsel presented the court with a chart of the payment which says that for first five years, the company will pay Rs 1 crore per year, for the next six to ten years Rs 1.25 crore per year, for the following 11 to 15 years the payment will be Rs 1.56 crore per year, for 16 to 20 years, Rs 1.95 crore per year. From the 21st to the 25th year, the payment would be Rs 2.45 crore per year. The payment per year would progressively increase, that for the past 30 years of the schedule being Rs 20 crore per annum.
The total investment will be Rs 15,000 crore. Stamp duty was Rs 1.90 crore and registration cost Rs 45 lakh, counsel added.
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