Doing Big Business in Modi's Gujarat

by Guest Sun Mar 16, 2014 8:12 am

When his son was married in the coastal state of Goa last year, Indian billionaire Gautam Adani’s guest list included the richest man in the country and many a chief executive and top banker and bureaucrat. Most, however, just stopped by the night before to bless the happy couple and skipped the actual wedding. But one prominent friend stayed through all the ceremonies over a couple of days, genial and relaxed like a favorite uncle. It was Narendra Modi, chief minister of Adani’s home state of Gujarat...

Adani has, over the years, leased 7,350 hectares–much of which he got from 2005 onward–from the government in an area called Mundra in the Gulf of Kutch in Gujarat. FORBES ASIA has copies of the agreements that show he got the 30-year, renewable leases for as little as one U.S. cent a square meter (the rate maxed out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as $11 a square meter. Between 2005 and 2007 at least 1,200 hectares of grazing land was taken away from villagers.

http://www.forbes.com/sites/meghabahree/2014/03/12/doing-big-business-in-modis-gujarat/

by Guest Sun Mar 16, 2014 8:50 am

How can a private company get govt land for as little as 1 cent a square meter and then sublet the same land for 11 dollars a square meter to a govt company ? And they say there is no corruption in Modi's Gujarat.

Doing Big Business in Modi's Gujarat

Doing Big Business in Modi's Gujarat

Re: Doing Big Business in Modi's Gujarat