From correspondents in Gujarat, India, 01:02 AM IST

The Gujarat government has decided to charge the market price, Rs.900 per square metre, for the land Tata Motors is acquiring for the Nano car project.

'It has been decided to offer the land at Rs.900 per square metre for the 1,100 acre land that works out to Rs.400-odd crore (Rs.4 billion),' Health Minister and government spokesperson Jaynarayan Vyas told IANS Wednesday.

He said the decision was taken at a cabinet meeting chaired by Chief Minister Narendra Modi on the basis of the recommendation of a land valuation committee of the state government.

The cabinet also decided compound interest at eight percent would be levied from the date of allocation of land at Charodi village in Sanand taluka if the Tatas delay their payment.

--Indo-Asian News Service

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(Staff Writer, © IANS)