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Monday, May 25, 1998

MIDC, Bajaj Auto sign MoU for Rs 225cr project 

Sanjay Jog  
MUMBAI, May 24: The Maharashtra Industrial Development Corporation (MIDC) and Bajaj Auto have signed a memorandum of understanding (MoU) for a Rs 225-crore project involving production of scooters, motorcycles and three-wheelers at Chakan in Pune district. Bajaj Auto has acquired about 110 acres at Chakan after paying Rs 32.89 crore to MIDC. According to the MoU, the company will duly comply with the provisions of the Maharashtra (Prevention and Control of Pollution) Act 1974, and Air (Prevention and Control of Pollution) Act 1981, pertaining to collection, treatment and disposal or discharge of effluent or waste.

The company would keep the guarantor indemnified against any act and all claims for damages which may be caused to any adjoining buildings or other premises due to the execution of project work. Bajaj Auto will commence construction within 36 months in compliance with all municipal rules. It will, within a year from the date of signing the MoU, plant trees on the periphery of the land and maintainthem at its own expense.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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