India, Aug. 14 -- The state government has bypassed the bidding process to lease 1,500 acres of agricultural land in Ahilyanagar to a private firm. The vast tract has been leased at Rs.50,000 per acre per year -- which works to around Rs.4,167 per month per acre -- to Mumbai-headquartered Nibe Group of companies, on condition of a 3% increase in lease rent annually.

The allotment was approved by a cabinet sub-committee headed by state revenue minister Chandrashekhar Bawankule on June 23, 2026, and a government resolution (GR) was issued by the revenue department on Thursday formalising the decision.

According to revenue officials, the company is slated to manufacture defence-related products, and hence details of the project could not b...