Jindals to give free shares to Bengal land losers

Kolkata, May 31 (UNI) In an unprecedented move, Sajjan Jindal's JSW Steels Ltd today said it would offer free shares to the evicted farmers whose land would be acquired for the Rs. 35,000 crore mega steel plant at Salboni in West Bengal.

" We shall offer as gift to the farmers free shares of equal value of the compensation to be given for their land. The local people should be the owners of this plant and they must benefit from development in the area," company Chairman Sajjan Jindal told reporters at the state Secretariat after a meeting with Chief Minister Buddhadeb Bhattacharjee.

Jindals signed an agreement with the West Bengl government for a ten-million-ton steel plant over 5,000 acres of land in West Midnapore district. Major portion of the land earmarked for the project is barren and vested with the Government while 450 acres of it is agricultural land, owned by around 750 farmer families.

Mr Jindal said the compensation to be given to the land losers would come partly in cash and partly as insurance benefits so that the farmers did not spend the entire amount.

"If Rs.100 is to be given to a farmer, then Rs.50 would be in cash while the remaining Rs.50 will be deposited as insurance at the district magistrate's office," he clarified.

Mr Jindal also promised job for all the farmer families, likely to be displaced by land acquisition, after giving them training.

His announcement came at a time when the state was witnessing a political unrest over the question of acquisition of agricultural land, particularly at Singur.

"I had heard of it in the past but this is happening for the first time here," the Chief Minister said.

Both talked for more than one hour on the progress of land transfer and other issues.

Describing it as the biggest and most modern steel plant in the country, Mr Bhattacharjee said the Government was trying to help JSW Steels in sourcing iron ore, coal and water.

"We are not touching any residential houses for this project.

The farmland available there is also of very poor quality. Meetings are on in phases with the villagers and they are all too willing and would hand over land spontaneously," he said.

The Chief Ministr said the Jindals were buying land directly from farmers while the government land, constituting the major portion of the proposed site, would be handed over in due course.

Besides a steel plant the project includes a dedicated port, a coalmine and a 600 MW captive power plant--all coming up over a period of 12 years generating 10,000 direct and indirect employment.

UNI