Ranchi, Oct. 25: After a decade and a half of having abandoned cricket, Heavy Engineering Corporation (HEC) has agreed to give its land on a long lease to Jharkhand State Cricket Association (JSCA) for a cricket stadium.

Both the HEC and JSCA are ready with all relevant papers to sign an MoU on October 30 so that work on the proposed stadium could be expedited without further delay.

“Every detail has been worked out and the MoU is just waiting to be signed,” said JSCA president Amitabh Choudhary.

He added that after receiving a nod from the Jharkhand High Court, the MoU will be signed and the process of awarding the contract will begin to ensure that the construction work is in full steam by early next year.

“We have no time to waste because BCCI’s deadline for granting a subsidy for construction of a stadium expires in September 2009,” Choudhary said.

The HEC board of directors has reacted promptly and favourably, courtesy the new chairman-cum-managing director, G.K. Pillai, and have decided to release a 30.7 acre plot on a 90-year lease to the JSCA, he added.

The lease condition requires JSCA to make a one-time payment of Rs 7.50 crore and a subsequent payment of Rs 37.50 lakh for renewal of lease every 30 years.

HEC has also asked for a 10 per cent share of the amount collected from ticket sales but the JSCA officials have requested that it be brought down to five per cent.

Besides, the HEC management wants its logo to be displayed at a prominent spot in the stadium. The chairman of the company and the director (personnel) would also be elevated as patrons and honorary members of the JSCA, along with all the members of the HEC’s board of directors, Choudhary said.

The JSCA vice-president (district), Praveen Singh, alleged: “There was some conspiracy and we never got land from the state government. But we shall have the land as well as the stadium, even if we have to buy it from a private party.”