Acquisition of rights of owner in respect of the undertaking

(1) The right, title and interest of the owner in relation to the undertaking and the unused land shall, by virtue of this Act, stand transferred to, and shall vest absolutely in, the Government. (2) The said undertaking and the unused land which stand vested in the Government by virtue of sub-section (1) shall, immediately after it has so vested, stand transferred to, and vest in, the State Industrial Development Corporation.