Apex court order vindicates our stand, says NICE

Apex court order vindicates our stand, says NICE

The Hindu

`It will improve the company's image'

Bangalore: The interim order of the Supreme Court on the Bangalore-Mysore Expressway project, permitting private promoters Nandi Infrastructure Corridor Enterprise (NICE) to sell, mortgage or lease the land in its possession will facilitate the requirement of bankers and boost the beleaguered corporate image of the company, NICE sources said.

In an interim order in September, the Supreme Court allowed the project promoters to go ahead with the development of the project with a condition that the land earmarked for the purpose would not be alienated. This meant that NICE could not part with the land in its possession for the execution of the project in any manner, including mortgaging with bankers for raising funds for the project.

"With the Supreme Court lifting the condition on alienation of land, NICE is free to use the land as it deems fit. We can sell it, lease it or mortgage it," sources pointed out. "Our stand, our innocence have been vindicated by the interim order," they said.

NICE, he said, is focussed on completing the road component and other basic infrastructure elements of the project.

"Our focus now is on completing the first phase of the project by July 2006," sources said. The promoters are planning to open for public on January 26 the stretch between Mysore Road and Kanakapura Road, which is part of the peripheral road.

Sources said the State Government has transferred about 200 acres of land needed for implementing the road component.

A large extent of land allotted to NICE will be utilised for constructing the expressway and a small portion for developmental activities. Profits will be invested in the expressway project, sources said.