Odisha allows Jayshree Chemicals Limited to transfer 107 acres land to Aditya Birla Chemicals (India) Limited

BHUBANESWAR: The Odisha government today permitted transfer of lease hold rights over 107.41 acres in Ganjam district held by Jayshree Chemicals Limited (JCL) in favour of Aditya Birla Chemicals (India) Limited.

This was decided at the Cabinet meeting presided by Chief Minister Naveen Patnaik.

However, the government allowed land transfer of JCL subject to realisation of a premium of Rs 34.61 crore payable for half of the lease period, said Chief Secretary G C Pati.

"Earlier, JCL had illegally sub-leased 1.39 acres to another company. This land will also be allowed to be transferred in favour of ABCIL on realisation of prevailing benchmark value of the land," Pati said, adding that JCL's plant was taken over by ABCIL earlier.

ABCIL, an Aditya Birla Group company, had last year acquired chlor-alkali division of JCL on slump sale basis for a cash consideration of Rs 212 crore.