Chandigarh, Oct 21 (UNI) The Punjab Cabinet today gave its nod for establishing the Indian School of Business (ISB) at Mohali and granted clearance for leasing out the land required for this prestigious institute.
The cabinet approved the leasing out of 70 acres of land in Knowledge City at Mohali to ISB and four founder supporter institutions---Bharti Institute of Public Policy and Administration, Hero Institute of Manufacturing Science, Max India Institute of Healthcare management and Punj Lloyd Institute of Physical Infrastructure Management.
The lease would be for a period of 99 years at Rs one per acre per annum for establishing the second campus of ISB Mohali alongwith the four institutions.
The meeting of the Cabinet was chaired by Chief Minister Parkash Singh Badal.
The Cabinet also approved to grant exemption from VAT to the tune of Rs 2.87 crore on purchase of material being used for construction of Kuka Martyrs Memorial at Malerkotla.
The Cabinet also gave nod to the conversion of the existing 'The Punjab Preservation of Sub-Soil Water Ordinance, 2008, into the 'Punjab Preservation of Sub-Soil Water Act, 2008 with the carrying out relevant amendments.
The Cabinet also reviwed the paddy procurement in progress in the state.
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