Jun. 3 – The Indian government has approved 10 new Special Economic Zones (SEZ) while also allowing the extension of four projects, including Reliance Industries’ Mukesh Ambani- promoted Rewas Ports for land acquisition.
Formal approvals were given to eight proposals, including those of Gulf Oil Corporation, Emmar MGF and Larsen and Toubro. This is in addition to two other proposals that were approved in-principle.
The Board of Approval (BoA) under the Commerce Ministry also allowed DLF to withdraw four of its IT/ITeS tax-free enclaves due to the economic downturn. It requested that the company refund Rs 6-7 crore worth of fiscal sops it would have availed of.
The board also allowed the extension by in-principle approval of four developers, including Ambani-promoted Rewas Ports in Raigad, Maharashtra, and K Raheja group since the projects have so far not been able to acquire land.
In another case, the BoA rejected the proposals of Videocon Realty and Writers and Publishers for SEZs in Indore due to the promoters not acquiring “even an inch” of land.
“We want serious players and don’t (want) to spoil the SEZ policy,” Additional Secretary in the Commerce Ministry D. K. Mittal told The Economic Times after the BoA meeting.
