Business conglomerate Adani Group's chairman Gautam Adani is now the world's second-richest person after overtaking Louis Vuitton's Bernard Arnault, according to Forbes' Real-Time Billionaires List. At the time of writing this report, Gautam Adani's net worth was $153.9 billion, compared to Arnault's net worth of $153.7 billion. Adani is now just behind business magnate Elon Musk, according to Forbes' data.
The demand relates to certain tax benefits on income from software development done overseas.
The government on Tuesday gave formal approval to the multi-services special economic zone of Mukesh Ambani- promoted Reliance Industries Limited in Gurgaon and in principle approval to the company's port-based SEZ in Rewas.
Adani Ports and Special Economic Zone and Adani Green Energy are the other two Adani Group firms to have crossed the Rs 1-trillion mark in m-cap.
Notwithstanding the widespread protest against the proliferation of special economic zones in the country, the Ministry of Commerce and Industry is organising a seminar on the tax-free conclaves in Singapore on Wednesday in order to rope in global investors.
Infrastructure developer GMR Group plans to set up an airport-based special economic zone near the new Hyderabad International Airport, which it has the mandate to develop.
Gujarat Chief Minister Narendra Modi said on Thursday the vibrant western Indian state has become India's special economic zone, attracting both foreign and domestic investors.
West Bengal on Wednesday decided to repeal the Special Economic Zone (SEZ) Act, 2003, clearing the road for other incentive schemes the Mamata Banerjee-led government is likely to announce over the next few weeks.
Special Economic Zones sold by developers after receiving government nod to cash in on the recent boom, would now require fresh clearance from the Centre.
And this time it is not just a question of taxes foregone.
As a part of its plan to decongest Mumbai and Navi Mumbai, the Maharashtra government proposes to develop a third city in Uran, 80 km away from Mumbai in the Raigad district.
Commerce Ministry has sought clarification from Finance Ministry over calculation of profits from SEZ units.
According to the agreement, RuralShores, one of the largest rural BPO organisations in the country, would be establishing GMR's BPO at Kakinada SEZ in the East Godavari district of Andhra Pradesh.
The government on Friday said any freeze on number of Special Economic Zones would not be feasible given the country's demographic reality.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
"I have always felt that the true value of SEZs must be judged by the extent to which they help promote labour-intensive manufacturing," Minister of State for Commerce Jairam Ramesh said on Wednesday.
The Board of Approval on Tuesday cleared 10 special economic zone proposals, including three Mukesh Ambani-promoted IT zones in Navi Mumbai.
The company, which has already taken possession of land for the project -- it was inaugurated just two months ago -- is facing a cash crunch amid the prevailing economic downturn, which has slackened the demand for commercial real estate projects. A source close to the development said DLF was unlikely to go ahead with the project as its cash position was not comfortable and it did not expect many takers for the project due to the economic downturn.
The Parliamentary Committee on Special Economic Zones on Friday said no further SEZs should be notified unless the law is amended to include changes pertaining to land acquisition.
Nokia India has seen exports from its telecom Special Economic Zone at Sriperumbudur near Chennai reach Rs 1,650 crore (Rs 16.50 billion) in 2006-07, according to figures provided by the Madras Exports Processing Zone.
Directorate of Revenue Intelligence officials on Monday visited the Mukesh Ambani-promoted Special Economic Zone at Jamnagar to ascertain the area used for setting up the export zone.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
The government will not stop companies from filing fresh applications seeking permission to set up special economic zones. However, it will not process any fresh applications until it clears the backlog of over 360 pending proposals.
Even as several SEZs are struggling to get off the ground, the Mahindras have managed to kick off their second SEZ at Jaipur, after their first one in Chennai.
The initiatives announced by Commerce and Industry Minister Anand Sharma as part of the annual supplement to the Foreign Trade Policy are aimed at pushing exports which declined by 1.76 per cent to $300.6 billion during 2012-13 and pushed up the trade deficit to $190.91 billion.
The BoA, a 19-member inter-ministerial body that deals with special economic zone -related matters, is scheduled to meet on September 9.
The West Bengal state government has delayed project approvals. And now, the IT giants may look at other states as the centre is thinking of giving sops to SEZs
At a recent meeting, the Board of Approval headed by Commerce Secretary S R Rao, also allowed three SEZ developers to surrender their project.
But commerce ministry works on rules for exemption to contractors.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
In another instance, a foreign partner of a notified SEZ had already procured equipment abroad for setting up the units but could not send them to India as all proposals were put on hold.
The government on Friday the proposals of telecom giants Motorola and Foxconn, and Singapore-based reality major Ascendas to join as partners in the Special Economic Zones coming up near Chennai.
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