Karnataka government has decided to approach the Centre for approval of its proposal for creating a Coastal Economic Zone, state's Minister for Large and Medium Industries R V Deshpande has said.
More shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm, a trustee said. SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, the trustee said. SBICap, which is a unit of State Bank of India (SBI), however did not give details of the loans taken by Adani Enterprises for which the pledge was created.
Singapore has decided to set up a model special economic zone in India, based on which will be set up two other SEZs. They will be known as Singapore India economic zones.
The death toll may rise further as some of the injured workers are in a serious condition, according to police. As companies of methanol and xylene chemicals are located near the affected factory, authorities have shifted about 4,800 people from nearby Luvara and Lakhigam villages to safer places as a precautionary measure.
The share of foreign loans in total Adani group debt portfolio dropped to 61 per cent by September 2023 from 63 per cent as of March 2023, as the group repaid part of its foreign loans and refinanced part of older loans. The share of Indian lenders, on the other hand, rose to 39 per cent in the total debt pie in September 2023 from 37 per cent in March after a report by US-based short seller Hindenburg Research in January last year, which led to volatility in the share prices of group companies. The group's total debt remained static at Rs 2.26 trillion in the same period.
'Vajpayee used to consult the Opposition; Indira Gandhi used to consult the Opposition. Which khet ki mooli is Modi?'
A Rs 7,056 crore outer harbour project by VO Chidambaranar (VOC) Port in Tuticorin is garnering interest from domestic and global majors in the sector, such as Adani Ports and Special Economic Zone, Singapore's PSA International, Dutch major Van Oord, JM Baxi, and JSW, among others, according to sources close to the development. The project aims to capitalise on the newfound investor interest in the region, spurred by mega investments such as the Rs 16,000 crore electric vehicle manufacturing unit by Vietnamese major VinFast, the Indian Space Research Organisation's second spaceport in Tamil Nadu's Kulasekarapattinam, and Singapore's Sembcorp's Rs 36,238 crore investment in renewable energy.
Billionaire Gautam Adani's group on Tuesday said it will prepay $130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. Adani Ports and Special Economic Zone, the ports company of the Adani Group, had last month floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregae principal amount of $412.7 million was validly tendered.
Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
An announcement to this effect could be made in the Budget scheduled to be unveiled by finance minister Pranab Mukherjee in the Lok Sabha on July 6. The decision to permit SEZ developers to raise ECBs, sources said, would promote development of the special economic zones, besides helping the government in arresting decline in the foreign exchange reserves.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
If as critics point out, the environmental impact assessment study was commissioned only after the auction process got underway with not all the stakeholders getting to know of it, then the government has already compromised the trust it could have enjoyed with Kerala's public including its coastal communities, points out Shyam G Menon.
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.
Muizzu's announcement also comes days after a Chinese research vessel spent about a week around Male and more than a month just outside Maldives' EEZ.
Shares of Adani group companies witnessed a massive drubbing in morning trade on Monday, tumbling up to 25 per cent, amid reports that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms.
Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'. This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'.
Lower minimum area of land required for multi-product SEZs to 250 hectares from 1,000.
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.
Adani group companies have reported a 13.7 per cent rise in cash reserve to Rs 45,895 crore in the first half of the current fiscal as earnings across the business rose while debt was almost unchanged. In the half-year credit performance report, Adani said while EBITDA rose to Rs 71,253 crore in April-September this fiscal from Rs 57,219 crore a year back, gross assets increased 6 per cent to about Rs 4.5 lakh crore. Gross debt was almost unchanged at Rs 2.26 lakh crore, but after considering cash reserves, the net debt at Rs 1.80 lakh crore was 3.6 per cent less than Rs 1.87 lakh crore in April-September 2022.
In Andhra Pradesh, a maximum of 2,044.15 hectares of land are lying vacant.
S&P Dow Jones Indices on Tuesday said it will remove Adani Ports and Special Economic Zone from its sustainability index following reports of its business ties with Myanmar's military that has been accused of human rights violations after a coup. The Adani Group firm is building a $290 million port in Yangon. In a statement, S&P Dow Jones Indices said: "Adani Ports and Special Economic Zone will be removed from the Dow Jones Sustainability Indices following a media and stakeholder analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who are alleged to have committed serious human rights abuses under international law."
Despite the special incentives they get, SEZs today comprise under 5% of all fresh investments announced in the country.
Four developers, including L&T Chennai Projects and Welspun Anjar, have approached the Commerce Ministry to surrender their IT and textile zones respectively.
Benchmark Sensex dropped 334 points on Monday due to intense selling pressure in metal and power stocks as FII outflows dampened investor sentiment. Besides, a sharp decline in the rupee against the US dollar also put pressure on domestic equities, traders said. After losing nearly 500 points, the 30-share BSE index recovered some lost ground to settle at 334.98 points or 0.55 per cent lower at 60,506.90. During the session, the index touched its intra-day low of 60,345.61.
The seven government-owned special economic zones across the country are likely to be given autonomy, resulting in greater financial flexibility for these tax-free enclaves. The move will help these zones compete with the private sector SEZs, which are attracting investment from companies.
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The request for relaxation came from large manufacturing units which have stated that the move would help facilitate manufacturing processes and augment exports.
"Another major policy issue in the trade sector which created a lot of heat was that of SEZs... Some fundamental policy changes are needed for the merchandise trade sector and these include checking the proliferation of SEZs," the pre- Budget Economic Survey, tabled in Parliament on Thursday, said.
Total outflow and inflow of foreign investment in general for 2014-15 fiscal was $6.42 bn and $75.71 bn, respectively
Shares of Adani group companies witnessed a massive drubbing in morning trade on Monday, tumbling up to 25 per cent, amid reports that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms.
The new Vande Bharat Express train is specially designed to operate seamlessly in Jammu & Kashmir's challenging winter conditions for the upcoming Katra-Srinagar rail route.
The government had imposed Minimum Alternative Tax and Dividend Distribution Tax on SEZs in 2010-11, which were earlier exempted from almost all levies.
The Board of Approval (BoA) on Special Economic Zones (SEZs), the apex decision-making body for such tax-free industrial enclaves, today approved a proposal to amalgamate three separate zones, effectively lifting the 5,000-hectare limit on such zones that the government imposed in 2007.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said it has decided to exit its investment in Myanmar by June next year. APSEZ, the largest port developer in India, is part of the globally diversified Adani Group. "The Board has decided to actively work on a plan on exiting Company's investment in Myanmar including divestment opportunities (expected to be concluded by March - June 2022)," APSEZ said in notes to its second quarter results.
Investors are apprehensive about the draft Direct Taxes Code.
The domestic IT major Tata Consultancy Services said that its major expansion would henceforth take place within the notified Special Economic Zones in the country. TCS is setting up its largest global operating unit to accommodate 20,000 professionals in Rajiv Gandhi Infotech Park at Hinjewadi, Pune, a notified SEZ. Maharashtra Chief Minister Vilasrao Deshmukh on Wednesday laid the foundation-stone for the facility, which will become operational by December 2009.
Even as the freeze on all decisions and notifications for fresh special economic zones continues, the government on Friday gave its nod for authorised operations in 30 notified SEZs, while granting co-developer status to five zones.
Requirements on minimum size, contiguity and vacant stretches to be eased; MAT and DDT to stay
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.
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