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.
The developers of special economic zones may not get tax benefits for the money spent on meeting the contiguity norms.
Leading realty firm Parsvnath Developers Ltd on Friday said it has put on hold 12 Special Economic Zone projects across the country due to credit crunch.
The Rs 56,000-crore (Rs 560 billion) Adani Group on Monday received a major blow from the Gujarat High Court, which ordered a shutdown of 12 units in Adani Ports and Special Economic Zone (APSEZ), located in Mundra, Kutch district, with immediate effect.
As many as 24 special economic zone (SEZ) developers including Dr Reddy's Lab and Tata Consultancy Services have sought more time from the government to execute their projects.
The Maharashtra government's industrial infrastructure arm MIDC signed a Memorandum of Understanding with four companies for developing special economic Zones, which will attract minimum investment of Rs 17,000 crore (Rs 170 billion) and create employment of more than 50,000.
A senior state government official said, "Reliance managed to buy the land through direct negotiations with farmers." The state government would forward the company's application to the Centre as soon as it came with an official proposal, he added.
India's third largest software exporter, Wipro Ltd, has said its proposed special economic zones (SEZs) in Pune and Chennai would be operational in 18 months.
The JV was established for development of SEZs/Model Economic Township project and other infrastructure facilities in Haryana.
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.
Domestic equipment hiring firm Gremach Infrastructure Equipments and Projects Ltd on Monday said it will invest Rs 425 crore (Rs 4.25 billion) in the Gandhinglaj Special Economic Zone (SEZ) in Maharashtra.
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.
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.
Last week, the 20-hectare zone had got embroiled in a controversy amid reports that the state government was taking back the land. This was after allegations that the land was allotted in an unfair manner. But Chief Minister Rajasekhara Reddy said the government would not cancel the allocation as the company was "sound."
The Environment Ministry had earlier this month termed as "incorrect" claims that Adani Port and SEZ was spared a hefty fine of Rs 200 crore.
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.
'All those who participated in the agitation were branded as anti-nationals.'
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
Mahindra & Mahindra Ltd on Thursday announced its plans to set up a special economic zone at Jaipur entailing an investment of $2 billion.
Sources familiar with the project said the SPV's promoters were looking at raising the additional capital to acquire up to 250 acres at Thane to complete the first phase of the SEZ project, for which IL&FS is an advisor. Inox Infrastructure Private Limited, a wholly-owned subsidiary of Gujarat Fluorochemicals Ltd, holds 50 per cent stake in Megnasolace.
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.
Nuziveedu Seeds Ltd has signed a memorandum of understanding with the Tamil Nadu Industrial Development Corporation to establish an IT/ITeS special economic zone at Shollinganallur, on Chennai's IT corridor, at an investment of Rs 1,500 crore.
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
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.
Country's largest gold importer MMTC Ltd has decided to join the SEZ bandwagon by setting up a gems and jewellery park in joint venture with a private player in the tax-free enclave.
The new exchange will also help global companies raise finance from other overseas investors.
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.
Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
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.
Street believes premium valuations justified, as port traffic is expected to grow at a CAGR of 16% over FY14-16.
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