Atul Ltd. has acquired 133.11 acres of agriculture land in Valsad district with an aim to use the same for industrial purpose.

The company was in dialogue with the Government of Gujarat for converting the above agriculture land admeasuring 133.11 acres of the Gujarat Agricultural Lands Ceiling Act, 1960 for industrial purpose.

However, after prolonged discussions, the Government in principle agreed for converting above agricultural land under section 63 AA of the Gujarat Tenancy and Agricultural Lands Act, 1948 instead of under section 3(1)(f) of the Gujarat Agricultural Lands Ceiling Act, 1960.

Atul is in the process of completing the procedural requirements which may continue over a period of one year. As a part of this requirements, the company will have to pay application fees, cess, premium, conversion charges, Non-agricultural (NA) assessment charges, charges for prior construction, differential stamp duty, customary penal charges etc. for conversion of the land for industrial purposes. The company has paid Rs. 0.75 crore as of now in this regard.