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8 SEZ developers seek cancellation of projects.

Date: 03-03-2017
Subject: 8 SEZ developers seek cancellation of projects
NEW DELHI: Eight developers, including Bangalore International Airport and Gokaldas Images Infrastructure, have approached the government to surrender their Special Economic Zone (SEZ) projects.

These applications would be considered by the Board of Approval (BoA) headed by Commerce Secretary Rita Teaotia on March 8.

The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters.

The approvals to these SEZ developers were granted by the board during 2009 and 2011.

Since there is no significant progress made by the developer, the concerned development commissioner has proposed for cancellation of formal approval granted to the developer, an official said.

All the eight SEZ projects are in IT/ITeS sector.

Bangalore International Airport and Gokaldas Images Infrastructure had received the approvals for setting up IT/ITeS zones in Karnataka.

Salarpuria Properties, San Engineering and Locomotive Company and Concord India are also among the developers that have sought cancellation of the projects.

SEZs are export hubs which contribute about 16 per cent to the country's total outbound shipments.

The Commerce Ministry is taking steps to revive investors interest in these zones. It has time and again asked the Finance Ministry to extend sops like rollback or reduction in the minimum alternate tax.

Exports from these zones stood at Rs 2.36 lakh crore during April-September 2016. Gujarat, Karnataka, Tamil Nadu, Maharashtra, Telengana and Uttar Pradesh are among the states which contributed the most to exports.

Source: economictimes.indiatimes.com

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