Three special economic zones promoted by Mukesh Ambani and Anand Jain in Navi Mumbai are among among 36 proposals that got cleared by the Board of Approval on Friday.
The state government on September 21 held the referendum, the first of its kind in the country, in 22 villages in Raigad district to decide the fate of the Mumbai SEZ, promoted by Jai Corp headed by Anand Jain, who is a close associate of Reliance Industry chief Mukesh Ambani. However, Raigad district collector Nipun Vinayak is yet to finalise the report on the issue.
SEZs promoted by Reliance, Raheja, IFFCO may benefit.
The developers of special economic zones may not get tax benefits for the money spent on meeting the contiguity norms.
The government on Friday cleared seven co-developers in Mukesh Ambani-promoted Navi Mumbai SEZs, thus endorsing fresh investment through private equity players by a key partner of the Reliance Industries chairman, Mukesh Ambani.
ICICI Bank has opened a branch in Jhajjar district of Haryana to advise farmers how to reinvest the huge cash they are receiving on sale of land to Reliance Industries for its SEZ in the area.
Adani, Reliance Industries, DLF, Omaxe and Singapore-based Ascendas Group had plans to set up mega multi-product SEZs, with some of them having infrastructure like ports and air-cargo complexes.
eGOM is likely to reconsider the 5000 hectre SEZ land ceiling limit in the coming month.
Real estate companies are rushing in on the opportunities galore around the two SEZs promoted by Reliance Industries.
"We will learn from their experiences of becoming crorepatis," he said. Kalbhairva also intends to talk to financial institutions for assistance and is even planning an initial public offer.
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.
The plan is to de-notify the entire SEZ.
The Board of Approvals on Wednesday gave final clearance to 15 Special Economic Zones but deferred a decision on the Navi Mumbai zone promoted by Reliance Industries chief Mukesh Ambani and Anand Jain.
The board formally approved 10 SEZs, including a 16 hectare IT zone of Tata Consultancy Services in Kolkata, Saloni Business Park Private Ltd's 27.5 hectare biotech zone in Thane and a 4.77 hectare electronic hardware and IT zone in Raigad, proposed by Modern India Property Developer.
Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
The Reliance Industries special economic zone at Jamnagar in Gujarat, which had been given a sector-specific status (petroleum and petro-chemicals) earlier, was today modified to a multi-product zone by the board of approval, which met in New Delhi.
Maharashtra SEZ act yet to be notified.
Capping the size of special economic zones to 5,000 hectare may help governments quell social unrest caused by compulsory land acquisition for such projects.
While company executives refused to divulge further details, industry sources said that Reliance has earmarked a huge area in the SEZ for the project.
The price surge at Jhajjar has more to do with skyrocketing land prices near the SEZ site plus a recent rumour that the Haryana government may increase the minimum price for land acquisition to more than Rs 55 lakh (Rs 5.5 million) per acre.
Two multi-product SEZ projects promoted by Reliance Industries' Chief Mukesh Ambani and the Tatas are among others that would come up for clearance at the meeting of the Board of Approvals in New Delhi on Thursday.
The government on Wednesday granted approval to Nokia, Wipro, Hewlett Packard, Reliance, Biocon, Ranbaxy Laboratories, Mahindra and Mahindra, Reliance energy and Adani Group's to set up Special Economic zones.
Indian Petrochemicals Corporation Ltd employees affiliated to three separate unions in Vadodra will go on a mass protest on Tuesday against the proposed transfer of some of them to Reliance Industries' SEZ in Jamnagar.
Emerging as the single largest export zone in the country, the Jamnagar SEZ has seen its export nearly touch Rs 80,000 crore (Rs 800 billion) till March 2010.
The officials also said that the ministry of commerce and industry had recommended the Maharashtra government to take back the land acquisition notification that it had issued. The zone has been given in-principle approval by the BoA, as RIL is yet to acquire the requisite land.
Government said on Wednesday it has extended by one year the in-principle approval to Reliance Industries' Maha Mumbai special economic zone but asked the promoters to cut the size of the zone to 5,000 hectares in line with the new rules.
Led by a $6.5 billion surge in personal net worth on Tuesday, Gautam Adani, chairman of the Adani Group, is back in the top 20 of the world's richest list and is now ranked 19th globally. Adani is also now India's second richest with a net worth of $66.7 billion as of Tuesday, per the Bloomberg Rich List, while Mukesh Ambani, chair of Reliance Industries, is ranked number one in India and number 13 in the world with a net worth of $89.5 billion.
The Maharashtra government has turned down Centre's proposal to scale down the size of Reliance Industries' Maha Mumbai Special Economic Zone
Reliance Industries Ltd said its two other proposed SEZs in Mumbai would contribute Rs 50,000 crore (Rs 500 billion) to the country's exports once they are operational.\n
Exports from special economic zones (SEZs) are likely to touch Rs 2 lakh crore in 2009-10, a 100 per cent jump from the year-ago period, with Reliance Industries' Jamnagar special economic zone expected to contribute the most to the kitty.
Punjab government has approved Anil Ambani Group's Rs 5,000-crore (Rs 50 billion) multi-product special economic zone in the state.
Farmers will finally have a right to decide if their land can be acquired or not for special economic zones in Maharashtra.
Three special economic zones promoted by Reliance Industries chairman Mukesh Ambani and his close aide Anand Jain in the same area have been listed for clearance on Friday.
Sources close to the development said RIL, which was planning two adjacent economic zones in the coastal district of Raigarh in Maharashtra, is looking to set up three special purpose vehicles (SPVs) to develop the various components of the project.
Undaunted by criticism by a Parliamentary panel, the government cleared 28 fresh special economic zone proposals on Thursday, including the Navi Mumbai promoted by Reliance Industries Chairman Mukesh Ambani.
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