BANGALORE : The Union Finance Ministry has denied permission for the SEZ sponsored oil storage complex of the ISPRL which is under construction in the flourishing 82.62 acre land in Kalavar of Bala gram panchayat limits.
The 1800 acre agricultural land of Kalavar that was initially acquired for the SEZ by paying just Rs 8 lakh per acre to the farmers,was later on sold to ISPRL at a whopping Rs 50 lakhs per acre. The Union Petroleum Ministry, Commerce and Environment Ministries after permitting this project, had sent the file to the Finance Ministry for its approval.
However, the Finance Ministry has denied permission for the project on the grounds that the project would be supplying its produce only for domestic use and would not be exporting the same as all the projects to be set up under the SEZ will have to export 100 per cent of their produce.

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