In what may be a sign of the changing political environment ahead of general elections, the Centre has turned down the Maharashtra government's proposal to provide labour law flexibility in special economic zones.
Foxconn, a leading Taiwan based manufacturer of connectors for use in personal computers and printed circuit boards for mobile phones, will set up $110 million plant in Chennai to manufacture mobile handset and other components..
Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project. In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said.
SEZs will help alleviate the infrastructure deficit in the country.
SEZs will help alleviate the infrastructure deficit in the country.
Prime Minister Manmohan Singh launched real estate developer DLF Universal's Special Economic Zone project here, as part of initiatives to revive the state's industrial sector.
"It has been two years since the Special Economic Zone Act and rules came into effect. While exports have grown almost 100 per cent to touch Rs 40,000 crore (Rs 400 billion) in the first nine months of the current fiscal, total incremental employment generated by the operational SEZs after February 2006 is 146,128," according to the Export Promotion Council for EOUs and SEZ.
Even the best of government policies rarely satisfy the corporate sector. So, it is perhaps surprising that the year 2006 saw a scheme over which all business houses -- big and small alike -- were falling head over heels.
Wipro is close to setting up an IT park in Nagpur and is believed to have acquired 117 acres of land at the new special economic zone in the city.
The government on Wednesday said provisions of Press Note 2 (2005 series), which allowed 100 per cent foreign direct investment in townships
Asia's first Special Economic Zone, the Kandla Special Economic Zone (KASEZ), will go completely wi-fi in the next few months.
The finance ministry has tightened the noose around developers of special economic zones by disallowing tax concessions to their contractors involved in the construction work.
Shares of most of the Adani group firms ended lower on Monday, with the group companies' combined mcap witnessing a sharp fall of Rs 9.5 lakh crore after US-based short-seller Hindenburg Research's adverse report.
Moody's Investors Service on Friday warned that the rout in Adani Group shares could hurt the conglomerate's ability to raise capital, while its peer Fitch saw no immediate impact on its ratings. Adani Group's listed companies have lost over USD 100 billion in value in just over a week after short-seller Hindenburg Research's scathing report flagged concerns about the ports-to-energy conglomerate's debt levels and alleged stock manipulation, accounting fraud and the use of tax havens.
A policy was introduced on 1 January 2000 to set up special economic zones in India to provide an internationally competitive environment for exports.
Software giant Wipro Ltd is planning to invest in another software development complex in West Bengal if it gets the special economic zone status from the central government.
Senior government officials says the matter was discussed at a meeting of the ministerial group on special economic zones (SEZ) last week.
Unless Donald Trump takes a major U turn, this is possibly the beginning of the end for Trumpian politics, argues Colonel Anil A Athale (retd). Unless President Trump takes a major U turn, this is possibly the 'beginning of the end' for Trumpian politics driven by TV trp's, points out Colonel Anil A Athale (retd).
The Union Cabinet will soon consider a comprehensive Special Economic Zones Bill, which would lay down guidelines for their development, operation and management.
Finance Minister P Chidambaram in his Budget speech said the government will soon bring out a Special Economic Zone Bill and a new trade policy. Take the Rediff Business Quiz and find out how much you know about the special economic zones in India.
Ron Malka, former envoy of Israel to India, has said that he has assumed charge as the executive chairman of the Haifa Port Company (HPC) owned by a consortium led by the ports-to-energy conglomerate Adani Group. A consortium of Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group won the tender in July last year to privatise the strategic Port of Haifa in Israel for $1.18 billion. "I'm honoured and privileged to take office today as executive chairman of the Haifa Port Company, on behalf of @AdaniOnline.
He also said that his country would continue to talk about the Kashmir issue "through channels that are acceptable" and prayed that "the issue is amicably resolved".
Lightning claims more lives in India annually than any other extreme weather event. Between April and July this year alone, 1,621 people died due to lightning strikes.
Officials confirmed that all detained individuals were in India without valid documentation and had used fake papers to establish residence.
The board would take a decision on these applications on February 20.
The Adani Group is planning to invest Rs 20,000 crore more to complete the remaining three phases of the Vizhinjam International Seaport, the first transshipment port in the country, managing director of Adani Ports and Special Economic Zone Ltd (APSEZ) Karan Adani said in Thiruvananthapuram on Friday. Talking to PTI after the official reception ceremony for 'San Fernando', the first mothership to dock at Vizhinjam, Adani said the port will be a game changer for Indian manufacturers as it reduces logistics cost by 30 to 40 per cent.
The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
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.
After lagging behind benchmarks and broader indices over the past five years, real estate investment trusts (Reits) have outperformed them since the start of 2024. The four listed Reits have posted an average return of 16 per cent year-to-date, compared to 9.9 per cent for the S&P BSE Sensex and 11 per cent for the National Stock Exchange Nifty.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
