Jharkhand will soon get an international-standard cricket stadium. The Jharkhand Cricket Association (JCA) would build the stadium on land acquired from the public sector Heavy Engineering Corporation (HEC).
'We will transfer 31.7 acre of land to JCA. The land will be transferred at the rate of Rs.50 lakh (Rs.5 million) per acre. This way HEC will get around Rs.16 crore (Rs.160 million),' said Abhay Kath, company secretary of HEC, Saturday.
He said: 'The formalities to transfer land will be completed in two weeks. The capital, which will be generated from the transfer, will help the company meet its work orders.'
The HEC, which is a sick unit, needs working capital to meet its work order targets. At present, HEC has work orders worth Rs.700 million.
The land transfer case was pending in the Jharkhand High Court. The court Friday cleared the transfer of land to JCA. The court, while clearing the transfer, directed the JCA to pay Rs.100,000 per annum as rent. JCA will also give five percent of the ticket-sales to the company.
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