STATE TIMES NEWS
SRINAGAR: Administrative Council (AC) which met here on Saturday under the chairmanship of Manoj Sinha, Lieutenant Governor, J&K approved grant of 40 Year lease with mortgage rights of 1750 Kanal 17 Marla (87.54 Ha) of land acquired by Collector Land Acquisition, Kishtwar for Kiru Hydroelectric Project in village Galhar Bhata Tehsil Nagseni District Kishtwar to Chenab Valley Power Projects Private Limited (CVPPPL) under Rule 13 (ii) read with Rule 16 of J&K Land Grants Rules, 2022.
Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; Mandeep Kumar Bhandari, Principal Secretary to Lieutenant Governor attended the meeting.
Establishment of SPV for dev of Amusement Park at Tattoo Ground approved
SRINAGAR: Administrative Council (AC) which met here on Saturday under the chairmanship of Manoj Sinha, Lieutenant Governor, Jgranted approval for conveying consent of the UT Government to Government of India for setting up of Special Purpose Vehicle (SPV) for the development of Theme/Amusement Park at Tattoo Ground, Srinagar over 139.04 acres of land.
Earlier UT Government had approached MHA in this regard who proposed a collaboration with Government of UT of J&K for the development of this amusement park. The Government of India intends to support the UT of J&K to leverage the tourism potential of J&K and catalyze growth in the tourism sector by attracting tourists from across the globe by creating a State of the Art Theme/Amusement Park (Theme Park) at Tattoo Ground, Srinagar. The Theme Park will not only enhance tourist footfall but it will also be a centre of revenue generation and create employment opportunities in the region. To undertake the project, a formal institutional structure is proposed as a Special Purpose Vehicle (SPV), under the Companies Act, 2013. The SPV so formed will implement the Theme Park either by itself or through its subsidiary or through a private player, on a Public Private Partnership basis or through any other acceptable mode, as may be decided. SPV will be an asset light company with no investment in the creation of capital assets. The project is expected to create sufficient employment opportunities in the UT. The project will be first of its kind in the UT of Jammu and Kashmir and the theme park zoning involves sectors like hotels, hospitality, rides, indoor attractions, retail, commercial, offices, film facility, food and beverage etc. and all these sectors have huge potential to create employment generation in the region.
Kiru HE Project is presently under construction by Chenab Valley Power Project Private Limited (CVPPPL) which is a Joint Venture of NHPC Limited & JKSPDC. The work on the project allotted on EPC mode is currently in full swing and is scheduled to be completed by March-2026.
The process has been initiated by CVPPPL for arranging commercial loan for 70% debt component. The lending agencies have made a condition of mortgage of movable and immovable assets including land for grant of commercial loan. Administrative Council has accordingly granted approval for lease of land with mortgage rights for 40 years (renewable) in favour of CVPPPL and authorizing Administrative Secretary, PDD to take further action regarding signing lease agreements and other actions on behalf of Govt. of J&K. The project with estimated cost of Rs 4288 Cr is positioned to cater to the power needs of Jammu and Kashmir by generating 2272.02 million units of energy annually.
The Administrative also approved transfer of 2025 kanals and 03 Marlas of land for development of Industrial Estates in Budgam, Anantnag, Shopian and Reasi districts.
The locations where the land has been transferred are village Watalpora (55 Kanals), B.K. Pora (85 Kanals 5 Marlas) in Budgam district, Brah Tehsil Shangus (633 Kanal 5 Marlas), Hassan Noor, Pahalgam (119 Kanal), VeeriBijbehara (101 Kanal 02 Marlas), Nanil Aung (100 Kanal), Ranbirpora, East Mattan (223 Kanals 5 Marlas) in Anantnag district, Berthipora Keller (55 Kanals 13 Marlas), MelhuraZainpora (152 Kanals) in Shopian district and 500 kanals 13 Marlas at village Nambal, district Reasi.
Establishment of Industrial Estates in these areas shall play important role for the development of the area, create various employment opportunities which shall be in the interest of the public and the Government. An amount of Rs. 3167 crores is expected investment in these industrial estates with expected employment of 31,990 persons.
Administrative Council also approved utilization of un-allottable land patches, each one having the area of up to 200 Kanals, at Industrial Estate, Bhagthali, Kathua by allotment in terms of J&K Industrial Land Allotment Policy, 2021- 30 for optimum use of the limited land resource. Industrial Estate at Bhagthali, Kathua by virtue of Administrative Council decision No. 49/3/2022 dated 15.03.2022 was reserved for large investment projects, which require land exceeding 200 kanals which are cleared by Apex Level Land Allotment Committee (ALLAC) under J&K Industrial Land Allotment Policy, 2021-30.
Since there remained some utilized land patches of less than 200 kanals, the matter has been brought before the Administrative Council by Industries & Commerce Department as the earlier decision of Administrative Council was required to be altered for approving allotment of un-utilized land patches of less than 200 kanals.
