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DLF to surrender 4 IT SEZs

Source: PTI
April 17, 2009 12:51 IST
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The country's largest real estate player, DLF, on Friday said it has approached the government for surrendering four of its IT-ITeS notified special economic zones (SEZ).

The company "has requested the Ministry of Commerce & Industry for de-notification of four IT/ITES SEZs," DLF said in a filing to the Bombay Stock Exchange.

The clarification comes after the National Stock Exchange sought information from DLF about its reported plans to surrender its SEZs due to cash crunch.

The NSE in a statement had said "the media had reports that DLF Ltd may surrender five of its nine IT-ITES SEZs. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company."

Earlier, a senior commerce ministry official had said, "DLF has nine (notified) IT/ITeS special economic zones, five of them they are dropping ... they have made an application and it will come up after the elections".

As per industry sources, firms like DLF and Parsvanath were unable to raise funds for their SEZ projects. Earlier, Parsvanath had put on hold its 12 IT/ITeS SEZ projects.

DLF had earlier surrendered its 40-acre IT SEZ in the central Delhi. According to official data, the land banks of DLF's nine notified SEZs are: 10.61 hectares near Hyderabad, 10.12 hectares in Gandhinagar, 12.06 hectares and 10.73 hectares in Gurgaon, 10.24 hectares in Sonipat, 10.33 hectares in Pune, 10.23 hectares in Bhubaneswar, 13.29 hectares in Kanchipuram and 10.48 hectares in Kolkata.

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