Bhubaneswar: The Odisha government Tuesday waived Rs 2.15 crore stamp duty to Reliance Industries.
The Odisha Poly Fiber Ltd., which entered into a strategic alliance with Silva Polyester Ltd., a group company of Reliance Industries, had applied for stamp duty exemption for transfer of 97 acres of government land valued at Rs 72 lakh and 130 acres of private land valued at Rs 98 lakh and the value of the building at Rs 6.50 crore.
The Reliance (Odisha Poly Fiber Ltd.) Industries had filed a case in the Odisha high court claiming exemption of the stamp duty as per Industrial Policy Resolution 1996. The court, while disposing of the case on 16.05.2017, directed the industries department secretary to place the State Level Nodal Committee before the cabinet. The SLNC had recommended for exemption of the stamp duty for the sick industry.
The Odisha State cabinet, which met under the chairmanship of chief minister, Naveen Patnaik, accorded its approval to the proposal of stamp duty waiver of Rs 2,15,64,648 to Reliance (Odisha Poly Fiber Ltd.) Industries as a compliance to the high court order.
Odisha Synthetic Ltd.(OSL), a company promoted by Straw Products Ltd and IPICOL, had set up a polyester staple plant in Dhenkanal district. The company later merged with JK Corporation Ltd. as per the provisions of the Sick Industries Company Act, 1985. The JK Corpn. formed a separate company namely Odisha Poly Fibers Ltd. which entered into a strategic alliance with Silva Polyester Ltd. (formerly Reliance Polyester Ltd.) , a group company of Reliance Industries Ltd.(RIL)