On the eve of Durga Puja in October 2008, industrialist Ratan Tata announced that Tata Motors would withdraw from the nearly completed Nano car plant in Singur, attributing the decision to Mamata Banerjee's anti-land acquisition movement, which he claimed had derailed what was meant to be a "groundbreaking project" -- the world's cheapest car.
In a major victory for Tatas, an arbitral tribunal has awarded Tata Motors a compensation of over Rs 766 crore for the losses incurred because of protests by Trinamool Congress that stalled its small car project at Singur in West Bengal. The tribunal asked the West Bengal government to pay Tata Motors the compensation, along with interest, according to a stock exchange filing by the Mumbai-based auto major on Monday. The company stated that the arbitral tribunal has asked the West Bengal Industrial Development Corp (WBIDC) to pay the company Rs 766 crore compensation, in connection with losses incurred on its manufacturing site in Singur.
The Tatas had earlier stated that it could return the land if compensation was offered. Tata Motors last year shifted its small car Nano project from Singur to Sanand in Gujarat after protest by local farmers and political parties.
While the Tatas had a lease over 645 acres of land, the rest was for ancillary industries and other purposes.
The legislation revokes the original lease agreement signed between Tata Motors, the country's biggest automobile maker, and the West Bengal Industrial Development Corporation.
The company wrote to the Buddhadeb Bhattacharjee-led Left front government seeking clarification on the agreement in the wake of conflicting reports about the return of project land to farmers. A Tata group spokesperson confirmed that the company had written a letter to the government.
Value of the land has appreciated manifold after the announcement of the Tata Motors' project at Singur.
it's a small-minded attempt at tackling an issue that either the director has read only sparingly or has not understood with all its complexities.
In an open letter to the people of West Bengal, Ratan Tata said the citizens should decide whether they wanted education and jobs in the industrial and hi-tech sectors or 'want to stay as they are.' The letter said, 'The people of West Bengal, particularly the younger citizens, will need to express their views and aspirations as to what they would like to see West Bengal become in the years ahead.'
Sandipan Chakravortty, managing director, said the facility would have a capacity of half a million tonne, with construction to be completed within nine months of land being handed over to the company.
Communist Party of India - Marxist Politburo member Buddhadeb Bhattacharjee on Friday alleged that the Congress and the Bharatiya Janata Party were hand-in-glove and took anti-people decisions in tandem.
