Slowdown: SEZ promoters seek time extension

With slowdown in economic activities, the commerce ministry has been flooded with requests from SEZ promoters seeking extension of time for developing the tax-free industrial and services enclaves.

Scores of leading SEZ promoters, including Infosys Technologies [ Get Quote ], CMC Ltd [ Get Quote ], Hindalco Industries [ Get Quote ], NIIT Technologies [ Get Quote ], HCL Technologies [ Get Quote ], Orient Craft Infrastructure, L&T Phoenix Infoparks and K Raheja Corp, have sought more time from the Board of Approval, which is meeting in New Delhi [ Images ] on June 2.

The BoA, headed by commerce secretary G K Pillai, will consider proposals for setting up 17 new special economic zones, including those of Larsen and Toubro, Emaar MGF and Gulf Oil Corporation [ Get Quote ].

The BoA, which will meet soon after taking over of the UPA government for the second time, also takes up request from realty major DLF for de-notification of its IT-ITeS SEZs in Gujarat, Haryana, West Bengal [ Images ] and Orissa.

"The developer has requested for de-notification . . . due to slowdown in the economy and liquidity crunch in the overall industry," the agenda document of the meeting said.