News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay  » Business » Govt approves 6 new SEZ proposals

Govt approves 6 new SEZ proposals

Source: PTI
June 08, 2010 17:06 IST
Get Rediff News in your Inbox:

SEZThe government on Tuesday approved six applications for setting up new Special Economic Zones in the country, including proposals from L&T and Hindalco, while the Mukesh Ambani-led Reliance Haryana special economic zone has been given a time extension.

The inter-ministerial board of approval, the nodal body for SEZ-related matters, also allowed developers to withdraw four of their SEZ proposals.

The applicants, which included Bata India, had cited a slowdown in the IT industry as the reason for pulling out of the projects.

Despite some developers pulling out of their SEZ projects, renewed interest from industrial investors is visible in the tax-free enclaves due to the smart recovery in economic activity.

Realty major DLF, which had withdrawn four SEZ proposals last year, received permission for revival of one such project in Kolkata.

Along with the Reliance Haryana SEZ, which will come up on the outskirts of the National Capital Region, 32 other developers have been given time extensions to execute their projects.

These include Tata Consultancy Services, Uttam Galva, Unitech Reality Projects Ltd and the Navi Mumbai SEZ.

"The board of approvalĀ has approved the requests for extension of time of all the developers," commerce ministry additional secretary D K Mittal told reporters here after the BoA meeting.

The Navi Mumbai SEZ had sought additional time for establishing its three IT zones in Maharashtra.

The company has been facing problems in land acquisition. TCS had also asked for additional time for its IT SEZ in Gujarat.

Over 100 promoters which had sought time in the wake of the economic slowdown last year have already been granted extra time for implementation of their projects.

While engineering major L&T has received clearance for a Karnataka SEZ for IT, it has withdrawn a similar project for Mumbai.

The government has given formal approval for setting up 574 SEZs, of which 353 tax-free zones have been notified in different parts of the country.

Exports from SEZs were valued at Rs 2.20 lakh crore (Rs 2.2 trillion) in 2009-10, up 121.29 per cent from the previous fiscal.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!