BHUBANESWAR: The State Government on 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 `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 Orissa High Court claiming exemption of the stamp duty as per Industrial Policy Resolution 1996.
The court, while disposing of the case on May 16, 2017, directed the Industries Secretary to place the State-level Nodal Committee before the Cabinet. The State-level Nodal Committee had recommended for exemption of the stamp duty for 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 crore to Reliance (Odisha Poly Fiber Ltd.) Industries in compliance to the HC order.