The Federation of Indian Chambers of Commerce and Industry (Ficci) Sunday welcomed the solution to the Singur deadlock, calling it a 'big benchmark for the state as well as industry'.

Soon after West Bengal Chief Minister Buddhadeb Bhattacharjee and Trinamool Congress leader Mamata Banerjee cobbled together an "acceptable formula" on the Singur impasse, Ficci secretary general Amit Mitra told a private television channel: 'The deal is a very important compromise."

According to him, Tata Motors' Nano small car project at Singur will boost employment opportunities in the area and also contribute to the development of the state."It's a good news for people looking for jobs in the factory," he said.

If the farmers' problems have been settled amicably and Tata could stay in Singur without any problem, that would send a positive message to other investors interested in West Bengal, Mitra told the channel in a telephonic interview.

According to him, land acquisition for industrial projects has not always been a problem in India. "Look at the Mumbai-Delhi industrial corridor, a massive industrial enterprise. There was no land dispute. Or you look at Gujarat, where big industrial projects are coming up. It has also been free of land disputes."

He, however, added that land should not be forcibly seized from farmers.Earlier, Communist Party of India-Marxist (CPI-M) central committee member Shyamal Chahraborty told reporters: "An acceptable formula has been found, but some more discussions are still needed."

Under the compromise, farmers will get alternate land and a committee will be set up to look into the land issue.However, the government is yet to formally announce the deal.