In a significant development Jammu and Kashmir government accorded sanction to the transfer of land for the construction of IT towers in both the divisions of the Union Territory.
In an order issued by the J&K government, 24 Kanals of land in Jammu and 30 Kanals of land in Kashmir identified for the construction of IT- towers have been transferred to both the directorates of Industries and Commerce in Jammu and Kashmir.
“24 Kanals of land identified for the construction of the IT- tower at exhibition ground Jammu, from JKIT-IDC to Directorate of Industries and Commerce, Jammu; 30 Kanals of land identified for the construction of the IT- tower at Sempora Pampore, from JKIT-IDC to Directorate of Industries and Commerce, Kashmir”, reads the order.
Sources in the administration said that the twins IT-towers in Jammu and Kashmir are specified for the foreign investors only for which a policy has already been unveiled.
“It will be IT and multipurpose towers, which will also include ITEs services, however both the towers are reserved for FDI investments only for which minimum investment must be 100 crores, however they can also take a local partner but not more than 49 percent”, sources said.
As per the order the land transferred shall be strictly used for establishment of “Multipurpose complex” to house different business activities including its related activities, which shall form part of ‘Industrial complex for foreign investors’, in accordance with the decision of Administrative Council and reference.
Pertinent to mention that the J & K administration last year in the month of October signed a Memorandum of Understanding (MoU) with Dubai, for real estate development, industrial parks, IT towers, multipurpose towers.
In a press release, Commerce and Industry Minister Piyush Goyal had said J&K is traversing on the “development bandwagon” and that the MoU will attract foreign investment from across the globe. Different entities from Dubai have shown keen interest in investment, he added.
