Clarifying the issue of applicability of penal provisions in SEZs, the government said the the SEZ would come under the the Foreign Trade (Development and Regulation) Act. The Foreign Trade Act provides for punishment for violation of the foreign trade rules. Besides exporters and importers, it also covers export-oriented units.
Government officials said the company was likely to invest about Rs 2,000 crore during the first phase of the project. In all, it could be Rs 7,000-10,000 crore.
Dubai-based Tecom, promoter of the Rs 1,500 crore (Rs 15 billion) Kochi Smart city IT infrastructure project, today threatened to go to court if the state government failed to resolve contentious issues including that of "freehold land", within the next two months.
The Taiwan-based Institute of Information Technology (III) and Manufacturers' Association for Information Technology (MAIT) are planning to set up electronic clusters at Gujarat Vittal Innovation City, a special economic zone to come up near Valsad in Gujarat.
The Mangalore Special Economic Zone Limited (MSEZL) is facing stiff opposition from the landholders who are resisting acquisition of their lands.
There are four nodes and each of these, like Dronagiri, is also formally termed an SEZ, all part of the NMSEZ.
Despite the special incentives they get, SEZs today comprise under 5% of all fresh investments announced in the country.
Mukesh Ambani-controlled Reliance Industries Ltd (RIL) is planning to spend $3 billion for a new petrochemical complex at Jamnagar.The new complex will utilise residual gases generated from the two existing refineries, of which one is located in a special economic zone (SEZ), to generate further downstream products."The investment could be in the range of $3 billion, depending on raw material prices," said a Reliance official on condition of anonymity.
The government has failed to reach a consensus on the issue of setting up plastic reprocessing units in special economic zones and is likely to defer its decision once again in the meeting of the Board of Approval on October 21.
Created to develop special economic zones in the northern state, Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd, an RIL subsidiary, and Haryana State Industrial Investment Development Corporation.
The BoA also allowed three developers, including Unitech Infopark, to surrender their SEZs, he said, adding they would have to pay back the tax concessions availed while executing the projects and other pending dues.
A Union environment ministry's expert appraisal panel felt that the project proponent, CPL Infrastructure Pvt Ltd, a subsidiary of Cadila Pharmaceuticals Ltd, had failed to give requisite details for the proposed park in Dhandhuka Taluka in Ahmedabad.
Notwithstanding the widespread protest against the proliferation of special economic zones in the country, the Ministry of Commerce and Industry is organising a seminar on the tax-free conclaves in Singapore on Wednesday in order to rope in global investors.
Villagers from Raigad and Nashik in Maharashtra and Mangalore in Karnataka speak about how their lives and livelihoods will be affected by special economic zones in their regions.
It is also stipulated that these units cannot under any circumstances source items locally for export purpose.
Senior officials from different ministries, including finance, home affairs and defence, would be attending the meeting. The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
Infosys has been awarded the Leadership in Energy and Environmental Design India 'Platinum' rating by the Indian green building council for its Software Development Block 3 in Mangalore and SDB 6 in Mysore, the company in a statement said.
India's biggest real estate developer is considering a major human resource redeployment to boost efficiency and productivity. This may lead to a further reduction in its workforce at several recession-hit businesses, which the company denied. DLF plans to restructure verticals such as homes, offices, retail, special economic zones, hotels and infrastructure. At present, all of them have separate human resources, accounts and marketing departments.
Parliament's Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
Land acquisition for special economic zones has been a major bone of contention across the nation.
Govt should examine how SEZs can overcome their main problems over land acquisition.
The special economic zone scheme seems to be in trouble.
Three years after the government brought in a SEZ law promising greater economic activity on the back of tax sops, the Economic Survey on Thursday expressed concern over 'proliferation' of Special Economic Zones seeking a check on them.
Rentals for commercial complexes fell sharply and the land, developers felt, could be employed for other purposes.
The Kerala government has not excluded the industrial units situated in special economic zones from labour laws, State labour minister P K Gurudasan told the Assembly on Thursday. He was replying to a calling attention motion on the difficulties experienced by the employees of new generation banks, IT sector and private insurance and financial institutions functioning in the state due to non-compliance of labour laws by the respective units.
Tata Realty and Infrastructure Ltd, a 100 per cent subsidiary of Tata Sons Ltd, will invest Rs 3,500 crore (Rs 35 billion) in setting up an information technology Special Economic Zone at Taramani, Chennai. The project will have both commercial and residential projects.
There is more good news for those looking for jobs at IT companies. Infosys plans to hire 30,000 professionals this year.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
'We have discontinued or replaced certain contractual staff, total number not exceeding double digits, in the north India operations involved in activities under the discretionary cost head,' a Reliance Industries spokesperson said in reply to an e-mailed query sent by Business Standard. According to some employees, who claimed to have been retrenched, the number of laid-off people is much higher. However, the company denies this.
The ruling came after Maha Mumbai SEZ Sangharsh Samiti, a local organisation opposing the SEZ, on Friday informed the high court that a public interest litigation relating to the project is pending before the Supreme Court.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
The 100th Telugu film of Srikanth directed by Krishnavamsi, is made in mainstream format and therefore long, tedious and rather limiting. Srikanth has given a good performance -- perhaps the best in his career.
The new Special Economic Zones, including the Reliance Industries' Jamnagar refinery, would help increase India's SEZ exports by 40 per cent this fiscal, righting partially the dismal picture of the country's total exports, according to government estimates.
Insurance funds will soon start flowing to special economic zone projects, agro-processing and infrastructure projects, domestic satellite services and social infrastructure like educational institutions and hospitals.
UK-based INEOS, the world's third largest chemical company, is exploring the possibility of setting up a catalyst unit at the Dahej Special Economic Zone in Gujarat.
The proposed Direct Taxed Code (DTC) is likely to adversely affect the exponential rise in exports from special economic zones (SEZs).
The Bill has proposed that zones notified by the end of March 2012, will get income tax benefits. For units, there is a two-year additional window, with those commencing operations by March 31, 2014, likely to get an exemption.
C P Joshi, India's Rural Development Minister, on Tuesday claimed that a Bill to provide for acquisition of land for industrial projects and Special Economic Zones (SEZs) has been cleared by the Cabinet and the timing of its introduction in Parliament will be decided by the Parliamentary Affairs Ministry.
