Punjab scraps IT-biotech park project

Jun 18, 2011 |

Age Correspondent

Chandigarh

Citing its failure to employ local information technology and biotechnology professionals, the Punjab Government has issued a termination notice to Omaxe Ltd. on their flagship, 60-acre IT and Biotech venture in Patiala.

The decision to penalise the real estate major was taken at a high level meeting chaired by chief minister Parkash Singh Badal himself.
A state government spokesman said, “according to the agreement Omaxe Ltd. has failed to give employment to 1,000 persons in the IT and bio-tech sectors by the end of 3rd year from the commencement date i.e. by 9th August 2010 and another 3,000 were to be given employment by the end of the 4th year.” The spokesman said if the project is terminated, the Punjab Urban Development Authority would be tasked with executing the venture.

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