Bengal Chamber hails Jindal's Salboni compensation package

Kolkata, Jun 1(UNI) Welcoming the announcement by JSW Steel that free equity would be offered to the propsective land losers at Salboni, The Bengal Chamber of Commerce and Industry today said it was a "unique" compensation package, representing inclusive growth.

"Essentially, this model is representative of inclusive growth, insofar as it makes the landowners from whom land is being purchased as stakeholders," the Chamber said in a statement.

JSW Steel Chairman Sajjan Jindal said yesterday that the company would offer free shares to 741 farmer families, whose land would have to be acquired for the proposed Rs. 35,000 crore mega steel plant at Salboni in West Midnapore district.

While 50 per cent of the compensation would be given in cheque, the balance would be deposited as an annuity policy payable monthly till death of the annuiant.

In addition, one member from each of the family would be provided job in the project following suitable training while the company would provide equity, equivalent to the valuation of the land acquired. The equity would be in the land giver's name and kept in a Trust form with the District Magistrate.

At the end of the lock-in period, the land giver would have the option of enchashment of his shares or retention.

UNI