Patna, June 28: Seven investors have approached the Bihar Industrial Area Development Authority (Biada) wanting to surrender their plots, in response to an exit policy the industries department floated in May.

The exit policy, applicable for six months, would help Biada reclaim land leased out to industrialists, at the present market rate, if the latter find it difficult to run the unit.

Biada managing director Dipak Kumar Singh told The Telegraph: “The Biada has received six proposals from Muzaffarpur district related to return of land in accordance with the policy launched on May 1 this year and valid until October 31. The investors are finding it difficult to run their units. Biada would scan these proposals properly before placing advertisements in connection with them.”

“Only after proper scrutiny, would we be able to say about the products the units deal in. Another investor from Buxar wants to return 10,000sqft of Biada land. We would then check the amount the investor owes to different agencies,” said another Biada official.

“Once the proposal is properly checked by Biada, advertisements would be published in newspapers with all details regarding the investor wanting to surrender the land. The agencies to which the company owes money can then contact the department and the investor. After deducting the dues, Biada would pay the investor the current market price for the plot and thereafter, add it back to the Biada land bank,” he explained.

The exit policy mandates that the industrialists interested in returning land be paid present market rates.

Earlier, when the policy was not in place, the Biada had the authority to take the land from a sick unit.

The lease agreement says Biada has got the authority to cancel the lease deed and take away the land from industrialists who have not been able to start any commercial production for six months after the allocation of land.