For the first time since its inception in 2006, the Board of Approval on special economic zones in its next meeting in March will take up a proposal from a developer to merge these tax-free industrial enclaves for exports.
Navi Mumbai SEZ Pvt Ltd, promoted by Ambani and his associate Anand Jain, has proposed to split its 1,233-hectare SEZ project into five separate tax-free zones.
Other developers that have sought additional time include Alstom Bharat Forge Power, Sesa Sterlite Ltd and Cognizant Technology Solutions. Vedanta Aluminium has asked for extension of the validity of the approval granted by the board for setting up an SEZ in Odisha beyond May 22.
SEZs promoted by Reliance, Raheja, IFFCO may benefit.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
The board would take a decision on these applications on February 20.
Finance firms in these SEZs likely to get tax breaks.
Protests by farmers to land acquisition notwithstanding, the SEZ juggernaut is all set to move on when the high-powered Board of Approvals takes up 37 more proposals, including two from Maharashtra, on Wednesday.
The Board of approval had given more time for Raheja's to develop their project in the state. The project is one amongst the three SEZs recommended to be denotified by the state government. Goa's Rajya Sabha member Shantaram Naik said he would meet new Union Commerce ministry Anand Sharma and brief him on the issue.
The developers of special economic zones may not get tax benefits for the money spent on meeting the contiguity norms.
Raheja's IT SEZ planned at Verna industrial estate had faced stern opposition from the locals and the state government even after it was notified by the Union commerce ministry's board of approval. The state government has written to the Union commerce ministry seeking to denotify Raheja's SEZ along with two others.
Govt should examine how SEZs can overcome their main problems over land acquisition.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
The plan is to de-notify the entire SEZ.
In 2011, the Trinamool manifesto had said, the government would not allow SEZs in West Bengal, to protect multi-crop lands.
The board of directors of SmartCity Kochi (SCK), a joint venture between SmartCity Dubai and the Kerala government, has approved the concept master plan of the project.
However, the ministry of law opined that though there is no specific provision in the SEZ Act and Rules, the power to notify includes power to de-notify also, sources said. Industry experts said that the SEZs which are finding it difficult to continue should be allowed to quit.
Reflecting the enthusiasm among private companies for setting up special economic zones, the board of approval for SEZs will consider over 100 proposals on March 17 - its first meeting since the implementation of SEZ Act and Rules last month.
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.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
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.
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.
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.
It is also stipulated that these units cannot under any circumstances source items locally for export purpose.
G K Pillai, chairman of India's Board of Approval for SEZs, demystifies SEZs and the controversy surrounding them.
Faced by criticism on its special economic zone policy, the government is preparing guidelines for acquisition of land from farmers for setting up SEZs.
The government on Tuesday cleared nine fresh proposals for setting up special economic zones, most of which are related to IT and ITES, followed by the bio-technology sector.
The government has also ruled out the need for an amendment to the SEZ Act, as was demanded by Left parties.
Real estate developer K Raheja Universal Private Ltd wants to scrap one of their notified special economic zones and also surrender a part of another zone, citing lack of demand from the information technology sector.
Development commissioners have been asked to forward proposals regarding SEZs along with their comments at the earliest so that they could be deliberated over at the meeting, it said.
"The 46th meeting of the BoA on SEZs to consider proposals for setting up of SEZs and other miscellaneous requests is scheduled to be held on May 31," it said.
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.
Four developers, including L&T Chennai Projects and Welspun Anjar, have approached the Commerce Ministry to surrender their IT and textile zones respectively.
The BoA, headed by Commerce Secretary G K Pillai, will consider granting formal clearances to Mukesh Ambani-promoted Navi Mumbai Special Economic Zone and Hindalco aluminium SEZ in Orissa.
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.
The government would consider fresh applications for SEZs on December 15.
Senior government officials says the matter was discussed at a meeting of the ministerial group on special economic zones (SEZ) last week.
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