27 SEZ Developers Seek More Time for Projects
As many as 27 special economic zone developers, including Gulf Oil Corporation, Navi Mumbai SEZ and DLF Info Park have sought more time from the government to execute their projects.
These proposals will be taken up for consideration by the Board of Approval (BoA), headed by Commerce Secretary Rajeev Kher in its meeting on July 24. The BoA is a 19-member inter-ministerial body that deals with Special Economic Zones (SEZs) and the issues related to them.
Some developers have cited reasons like imposition of minimum alternate tax (MAT), poor response of entrepreneurs for setting up unit due to global economic slowdown, problems of land acquisition and environmental clearances for delay in implementing the projects.
DLF Info Park (Pune) Ltd has sought further extension of the validity period of formal approval, granted for setting up of IT/ITES SEZ in Maharashtra, according to the agenda of the BoA meeting.
Similarly Navi Mumbai SEZ Pvt Ltd has sought more time for its proposed zones in Maharashtra.
Besides the Board will take up the proposal of Adani Ports and Special Economic Zone Ltd, which has proposed to set up a multi-product zone in Gujarat. It is to come at an area of 1,856 hectares.
Development Commissioners of special economic zones have recommended cancellation of 'formal approval' granted to as many as 43 SEZ developers, including Reliance Infocom Infrastructure and Emaar MGF Land Ltd.
The BOA would also take a decision on these applications.
SEZs are mainly export hubs which enjoy certain tax benefits. But imposition of MAT has impacted the investor's sentiments. Over the last few years, many SEZs have denotified their units.
However, the government is expected to announce some package for revival of investors' interest in these zones.
Of the 566 formally approved SEZs, only 185 are in operation. Exports from these zones increased from Rs 22,840 crore in 2005-06 to Rs 4.94 lakh crore in 2013-14
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