While the partners will hold 49 per cent each in the Rs 150-crore project, 2 per cent will be acquired by Sicom. The centre will have a capacity to accommodate 50,000 people.

Mantralaya sources told The Financial Express on Monday that the consent deed to be signed by the state government and Godrej was being finalised and would be filed in the Bombay high court. The issue was discussed at a meeting convened by chief minister Manohar Joshi.

The new entity's initial paid-up equity capital will be a minimum of Rs 4 crore. The joint venture's board will comprise eight directors. Godrej & Boyce will nominate four, including the managing director, while the state will take up the balance including the chairman. The chairman will, however, not have a casting vote.

In the event ofa dispute arising from/or in relation to or in connection with this agreement, the parties will refer the said dispute or question for arbitration to the arbitrator mutually appointed by the state government and Godrej & Boyce. The arbitrator's decision will be final, conclusive and binding on the parties.