JAMMU, Nov 26: Bari Brahmana Industries Association (BBIA) has urged upon the J&K Government to grant ownership rights to entrepreneurs to whom industrial land has been allotted by the SIDCO /SICOP.
A meeting of the BBIA was held today under the chairmanship of, Lalit Mahajan ( president) in the presence of Tarun Singla senior vice president, Ajay Langer vice president, Viraaj Malhotra – general secretary, Rajesh Jain -secretary and Vivek Singhal- treasurer of the Association and other members to discuss the issue for the grant of ownership rights to entrepreneurs to whom the Industrial land was allotted on long term lease basis by SIDCO/SICOP in Union Territory of Jammu & Kashmir.
Members hoped that with grant of UT status to the State of Jammu & Kashmir by Union Govt massive Investment in the Industrial sector and Service sector will take place. Therefore, it is the need of hour to grant the free hold rights to the existing unit holders to whom the land was allotted by the J&K SIDCO and SICOP for which the requisite land premium was already deposited by the Unit holders at the time of allotment of land and regularly paying the annual lease rent.
It is pertinent to mention here that the ownership rights of the Industrial land will be beneficial for the unit holders to obtain the requisite financial support from the Banks by offering the free hold land as collateral security to the financial institutions to get their term loan/working capital requirements. The unit holders can expand, diversify into new products and/or increase capacity and look for new markets both within and outside the State.
It was also resolved in the meeting that to attract the new Investment in the Industrial Sector in J&K, which includes the Service Sector and Tourism, it is the need of the hour to provide the free hold rights to the prospective Investor from outside the State which will help in the opening the doors for the employment opportunities for the local youth. BBIA appealed the Lt Governor, GC Murmu to resolve the issue on priority basis.