Latest news with #PSIEC
Indian Express
a day ago
- Business
- Indian Express
Cabinet allows fragmentation of industrial plots in Punjab
Two years after the Punjab Vigilance Bureau alleged a scam in Punjab Small Industries and Export Corporation (PSIEC) that involved fragmentation and transfer of a 25-acre industrial plot into smaller plots, the Punjab Cabinet Saturday approved a comprehensive policy for the fragmentation and subdivision of industrial plots managed by PSIEC. The government said that the policy aimed to promote industrial growth, particularly in IT and service sectors, while ensuring planned land used infrastructure sustainability across PSIEC-managed industrial estates, focal points, and growth centres. Finance Minister Harpal Cheema, while addressing the media said that under the new policy, the industrial plots measuring 1,000 square yards or more are eligible for fragmentation, with each sub divided plot maintaining a minimum size of 400 square yards and a width-to-depth ratio not exceeding 1:3. A fragmentation fee of 5 per cent of the current reserve price of the original plot will be charged, (50 per cent for the family members and legal heirs). A non-refundable processing fee of Rs 10,000 and additional FAR fees, where applicable, will also apply. The applicants will have to adhere to the PSIEC's zoning regulations, building bylaws, and approved layout plans. Internal development works (roads, water supply, drainage) are age responsibility of the plot owner, with strict timelines for completion. The applications will be processed within 21 working days through a scrutiny committee, with approvals granted by the additional managing director. Services to previously fragmented plots, halted by PSIEC's board decisions in 2022 and 2023, will resume immediately as per applicable guidelines. The policy caters to the demands of industrialists and plot owners as well as of prominent industry associations, including the Confederation of Indian Industry (CII), Mohali chambers of Industry and IT, and Mohali Industrial Association. It addresses the need for smaller plots, particularly for the IT and service sectors, to promote efficient land use, attract investments and establish a structured, transparent mechanism for plot fragmentation and sub division. The policy facilitates the optimisation of land usage, boosts operational efficiency, and supports project expansion by addressing long-standing demands from industrial stakeholders. It applies to freehold plots of 1,000 square yards or larger, with sub divided plots maintaining a size of 400 square yards. In 2023, the Punjab Vigilance Bureau had booked former minister Sham Sunder Arora and other accused for extending 'unfair advantage' to Gulmohar Township Company by allowing transfer and bifurcation of an industrial plot of 25 acres to the township company, by not following the rules. However, in January this year, the Punjab and Haryana High Court quashed the FIR against him. Cheema said that he previous government had allowed bifurcation of industrial plots when it was not a part of the policy, 'Now, we have brought a legal policy of bifurcation.'
Time of India
6 days ago
- Business
- Time of India
Ludhiana's industry backs AAP candidate Sanjeev Arora, hailing his role in solving long-pending issues.
Ludhiana: As the Ludhiana West by-election campaign intensifies, (AAP) candidate Sanjeev Arora has received a significant boost from the city's industrial community, with major trade associations and industry leaders throwing their weight behind the businessman-turned-politician. Tired of too many ads? go ad free now Industry voices say Arora's deep familiarity with the manufacturing sector and his role in addressing long-standing policy issues have earned him wide respect across Ludhiana's business corridors. "There is very little representation of industry in government, and Arora is one of our own," said Badish Jindal, president of the World MSME Forum. He credited Arora with resolving key issues such as the one-time settlement (OTS) scheme for Punjab Small Industries and Export Corporation (PSIEC) focal points, VAT refunds, and reducing the approval time for setting up new industries to 45 days. Narinder Bhamra, president of the Fasteners Manufacturers Association of India, highlighted Arora's effectiveness in representing industrial interests. "This is a democracy, but industry overwhelmingly supports Arora because of his clarity and commitment," Bhamra said. "Alongside Punjab industry minister, Tarunpreet Singh Sond, he advocated for us in ways we hadn't seen before." Vinod Thapar, chairman of the Knitwear Club, hailed Arora as a bridge between business and politics. "The OTS of PSIEC focal points had been stuck for 28 years. Governments came and went, but it took Arora to resolve it. That speaks volumes," he said. Rahul Ahuja, former chairman of CII Punjab and convener of the Apex Chamber of Commerce, praised Arora's track record on power sector issues and infrastructure bottlenecks. "His passion for resolving industrial concerns is matched by the industry's passion for supporting him," Ahuja said. The endorsements come at a crucial time for Arora, as Ludhiana's bypoll race tightens, with industry solidarity emerging as a potential game-changer.
Hindustan Times
6 days ago
- Business
- Hindustan Times
Mohali: PSIEC sells all 15 industrial plots for ₹60 crore in comeback auction
In a strong sign of investor interest, the Punjab Small Industries and Export Corporation (PSIEC) on Monday successfully auctioned all 15 industrial plots on offer in Mohali's Phase 8-B — its first such auction in four years. Each 500-square-yard plot carried a reserve price of ₹1.95 crore. While most plots fetched around ₹7 crore each, one went for as high as ₹8.5 crore, over four times its base price. The auction raked in a whopping ₹60 crore approximately — more than double the total reserve price of ₹29.25 crore. All plots will be allotted against a 99-year lease. This was PSIEC's first auction of 500-square-yard plots since the introduction of its new auction policy in January 2019. Before this, industrial plots were allotted on the basis of draw of lots. In its last auction in April 2021, the corporation had sold five commercial sites sized over 1 acre. A senior PSIEC official said, 'We are extremely satisfied with the response, which clearly indicates a revival in Mohali's real estate and industrial investment climate.' As part of a wider initiative, from May 26, PSIEC began auctioning 260 industrial plots across various focal points in Punjab, including Abohar, Amritsar, Batala, Goindwal Sahib, Kapurthala, Ludhiana, Mandi Gobindgarh, Mohali, Nawanshahr and Pathankot. The plot sizes range from 500 square yards to 6 acres. In Mohali alone, PSIEC will be offering plots between 500 square yards and 5,000 square yards in industrial zones, such as Phase 7, 8-A, 8-B, 9. Pritpal Singh Dhindsa, president of the IT Association in Phase 8-A, Mohali, said, 'Investors are showing increased confidence in PSIEC due to their industry-friendly policies and ease of doing business. A Floor Area Ratio (FAR) of 3 is being offered for these plots — a significant advantage over private players, especially for IT set-ups.' PSIEC Limited, a state government undertaking, has been instrumental in promoting industrial growth in Punjab by developing Industrial Focal Points (IFPs) ranging from 50 to 500 acres in key towns and cities across the state. In its last auction in Mohali in April 2021, when it sold five commercial sites, an industrial site in Phase-8-A (CP-4), measuring 1.98 acres, had brought in ₹81 crore against the reserve price of ₹28 crore. CP-3 site in Phase 8-A (1.98 acres) was sold for ₹58.50 crore against the reserve price of ₹28 crore and CP-2 in Phase 8-A (1.98 acres) had gone for ₹69.61 crore against the reserve price of ₹28 crore. In Phase 9, site 1 (1.35 acres) was auctioned for ₹29 crore against the reserve price of ₹26 crore, while site-2 (1.15 acres) got the highest bid of ₹26 crore against the reserve price of ₹22 crore.
Time of India
31-05-2025
- Business
- Time of India
PSIEC announces policy for clubbing and de-clubbing of plots
1 2 Chandigarh: The Punjab govt has unveiled a comprehensive policy for the clubbing and de-clubbing of industrial plots, while also establishing a long-awaited appellate authority to handle appeals over cancelled allotments, industries minister Tarunpreet Singh Sond announced on Saturday here. The new policy, notified on May 19 and which the cabinet approved on April 24, aims to bring procedural clarity and land-use efficiency across the state's industrial estates and focal points under the Punjab Small Industries and Export Corporation (PSIEC). Sond said the policy responds to years of demands from industrialists seeking a streamlined mechanism to merge or divide adjoining plots to support business expansion, improve operational efficiency and optimise land utilisation. The rules apply to all PSIEC-controlled plots, excluding booths and sheds. To be eligible for clubbing or de-clubbing, plots must be owned by the same entity and be of the same type — either leasehold or freehold — with all dues cleared. Applications must be supported by valid lease or conveyance deeds. A fee of 1% of the current reserve price of the total plot area — capped at ₹50 lakh — will apply. De-clubbing will only be allowed in line with the original layout plan and subject to zoning laws, building codes and environmental regulations, the minister said. "This step will not only streamline industrial development but also create opportunities for project growth in a regulated and transparent manner," Sond said. Separately, the PSIEC has also operationalised an Appellate Authority — notified on May 7 — to address grievances related to cancelled plots. The authority will offer relief to affected allottees whose plots were cancelled for reasons such as failing to begin production, violating zoning rules, or defaulting on instalments. The govt had cancelled 700-odd plots in recent years, and efforts to restore those stalled after a previous restoration scheme lapsed in March 2022. Affected allottees now have until Sept 30 to appeal for reinstatement. In future cases, appeals must be filed within six months of the cancellation date. "This authority will reduce unnecessary litigation, provide applicants with fair hearing opportunities, and bring transparency to the reinstatement process," Sond said. MSID:: 121536934 413 |
Business Standard
19-05-2025
- Business
- Business Standard
Intimation Of Receipt Of Arbitration Award
In continuation to our letter dated 11th April 2025 wherein we had intimated about the Court Order received in favour of Ceigall India Limited issued by the Honble Additional District Judge Chandigarh under the Arbitration and Conciliation Act 1996 dated 9th April 2025 in the matter of Ceigall India Limited vs. Punjab Small Industries & Export Corporation Limited (PSIEC) we wish to submit that: We have received an award amount of ?31750655/- (Rupees Three Crore Seventeen Lakh fifty Thousand six hundred fifty-five only) including applicable interest on 19th May 2025.
