Amendment status not verified — confirm the current text below against the official source.
Incentives for Multi Modal Logistics Parks, Logistics Parks and Logistics Units This Policy recognizes the need for additional incentives to eligible Multi Modal Logistics Parks, Logistics Parks and Logistics Units to further improve the investment prospects in Bihar’s logistics sector. 11 7.1 Guiding Principles These provisions/ principles shall be applicable to all eligible Multi Modal Logistics Park, Logistics Parks, and Logistics Units under this policy. i. vi. vii. viii. This policy shall come into force from the date of its notification. The said date shall be considered as the effective date of this policy from which its provisions shall come into force and shall be applicable for 5 years. The incentives under this Policy to Logistics Park and Multi Modal Logistics Park shall be offered after the completion of the facility as per the submitted Detailed Project Report (DPR) and atleast one Logistics Unit is in operational condition. Incentives to the Logistics Units will be provided after the commencement of commercial operation by the logistics Units. Shareholding value of Multi Modal Logistics Park or Logistics Park of more than 50% of asset cost cannot be transferred until 5 years from last payment of incentive. . In the event of change in ownership or management of a unit, the same shall be intimated by the unit to the competent authority as defined by the Department of Industries from time to time. If required, a revised Letter/ Eligibility Certificate shall be issued to the unit (in the name of new owner) for balance incentives. The eligibility period shall not be extended under any circumstances and shall continue to be defined with effect from the original date of production. BIADA will provide the land above the minimum land requirement as per this policy, for setting up of MMLP, Logistics Park, ICD, CFS, Warehouse and Cold Chain as mentioned in this policy. BIADA can also develop and lease the Logistics Park and Multi Modal Logistics Park by developing the basic infrastructure as submitted in the Detailed Project Report. The private industrial park can be established by an individual promoter/ partnership firm/ LLP/ company or any entity registered under the Companies Act/ Societies Act. Applicant need to establish a Logistics Park within 30 months and Multi Modal Logistics Park within 42 months from date of acceptance for establishment. Competent authority of the Department of Industries, Government of Bihar may extend project execution period for the maximum period of 6 months subject to merit. The promoter shall not create residential units in the industrial park or convert the industrial park into a real estate project. The industrial park shall only be used for industrial use. All private industrial parks shall be notified as industrial lands. Under no circumstances a private industrial park shall be put into any other use other than for industrial purposes. . The rates for the industrial plots in the private industrial park would be ascertained by the promoter. The State Government would not have any role in this. 12 x. The incentives under this Policy to the eligible Multi Modal Logistics Park, Logistics Park and Logistics Units covered under clause 7 shall be in addition to the benefits eligible under the Bihar Industrial Investment Promotion Policy, 2016 (BIIPP 2016). However, the maximum limit of incentive under this Policy shall be subject to capping as per clause 7.2, 7.3, 7.4, and 7.5 of this Policy. xi. The promoter of the park would create a fund called “Development Reserve Fund (DRF)” for the development of external infrastructure of the park. The promoter would contribute 5% of the fund collected through land allotment and 10% of the Annual Net Profit in the DRF. The DRF would be maintained in the form of a fixed deposit. A committee would be constituted for the operation of the DRF. The committee would consist of promoter/ representatives of the promoter and units operating in that park. At any point of time, a maximum of 33% of DRF can be used for the development of the a infrastructure. Further, the promoter would charge a maintenance fee from the operating units in the park. The same committee would be responsible for the operation of the fund created from the maintenance fee collected. xii. The maximum value of total incentives that can be availed under this policy will not exceed INR 150 Crore. xiii. For the purpose of calculation of incentive under this policy, the approved project cost shall mean the project cost finally approved by the State Government. The approved project cost shall be the basis for determining the incentives. xiv. Completion of Logistics Park and Multi Modal Logistics Park here will mean the completion of the construction of infrastructure as per DPR before the first Logistics unit is allotted. xv. Investor(s) availing incentives under any other Bihar State policies/schemes shall not be eligible to avail incentives under this policy, as the policy is unilateral and binding. Investor(s) availing any incentives under Government of India policies/schemes has to notify the same to Department of Industries, Government of Bihar before availing incentives under this policy. xvi. All the infrastructure projects for the development of Logistics Park, Multimodal Logistics Park and Logistics Units viz Warehouse, Cold Chain, Inland Container Depot and Container Freight Station which qualifies as per the minimum criteria defined in this policy, shall be updated by BIADA on the portal of PM Gati Shakti National Master Plan. 7.2. Incentives for Logistics Park _S. No, Incentives Quantum of Incen' licy Capital Proposals received during first two years from date Bihar