Government officials said the company was likely to invest about Rs 2,000 crore during the first phase of the project. In all, it could be Rs 7,000-10,000 crore.
Dubai-based Tecom, promoter of the Rs 1,500 crore (Rs 15 billion) Kochi Smart city IT infrastructure project, today threatened to go to court if the state government failed to resolve contentious issues including that of "freehold land", within the next two months.
The government is considering enacting a law making it mandatory for industries to rehabilitate the displaced people before developing projects under the special economic zones.
The West Bengal government may consider asking companies to directly purchase land for all industrial projects, including the Salim group's proposed SEZ.
There are four nodes and each of these, like Dronagiri, is also formally termed an SEZ, all part of the NMSEZ.
Amid controversy over the setting up of China-style special economic zones, India on Thursday said the government recognised SEZs as 'an useful tool' in furthering industrialisation but will implement the concept in its 'own way'.
Confederation of Indian Industry has sought higher banking exposure norms for lending to steel projects and infrastructure status to the steel industry, besides tax sops on par with special economic zones to boost the sector.
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.
Citigroup Property Investors has invested Rs 640 crore (Rs 6.4 billion) in four special economic zones (SEZs) being developed by the Delhi-based property developer BPTP, picking up a 40 per cent stake in the special purpose vehicle. BPTP is developing a 25 acre SEZ in Noida, 100 acre SEZ in Greater Noida, 54 acre SEZ in Faridabad and 27 acre SEZ in Gurgaon, with a total saleable space of 20 million square feet. The company has 10 ongoing projects spread across 34.66 mn sq ft.
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.
"We do not have tanks there, but we have people there going to farmers' houses and beating them up and threatening to kill them."
The 100th Telugu film of Srikanth directed by Krishnavamsi, is made in mainstream format and therefore long, tedious and rather limiting. Srikanth has given a good performance -- perhaps the best in his career.
The government is targeting export of goods and services worth $2 trillion by 2030.
Unaffected by controversies, global financial market heavyweight Soros group, has approached the Indian government, expressing interest to invest in special economic zones in India.
The new Special Economic Zones, including the Reliance Industries' Jamnagar refinery, would help increase India's SEZ exports by 40 per cent this fiscal, righting partially the dismal picture of the country's total exports, according to government estimates.
Bihar does not figure at all in the list of SEZs that have been given either formal or in-principle clearance by the board of approval. In sharp contrast, the Board has cleared a total of 550 proposals across 20 major states.
C P Joshi, India's Rural Development Minister, on Tuesday claimed that a Bill to provide for acquisition of land for industrial projects and Special Economic Zones (SEZs) has been cleared by the Cabinet and the timing of its introduction in Parliament will be decided by the Parliamentary Affairs Ministry.
The government has failed to reach a consensus on the issue of setting up plastic reprocessing units in special economic zones and is likely to defer its decision once again in the meeting of the Board of Approval on October 21.
Questions over proposed changes in land use are piling up, even as the commerce ministry and Maharashtra government are rushing to give in-principle approvals and conditional no-objection certificates to special economic zone developers.
The trust has got the government's approval to set up a fifth terminal at the port. The terminal, which will have a capacity of 8-10 million cubic metre, is likely to cost JNPT Rs 20,000 crore (Rs 20 billion).
The administrative reforms commission has called for fewer special economic zones (SEZs), shorter tax holidays and sought a relook into the SEZ Act saying that the establishment of SEZs has become a source of conflict frequently leading to violence.
Batting for the Reserve Bank of India and the finance ministry, the Planning Commission on Friday said concessions to special economic zones should be at par with those provided to infrastructure projects.\n\n
All the three tax-free enclaves were given formal approval, which would have lapsed by end of this month. While the ministry granted extension of time 'on file', the decision has to be ratified by the inter-ministerial Board of Approval which is meeting here on June 17.
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.
Singapore is eyeing cities like Hyderabad, Chennai and Mumbai for developing special economic zones. It is also looking at collaborating with educational institutions in India for student exchange programmes.
The Mumbai SEZ had sought the stay on the grounds that if the acquisition is not completed by June 8, the entire process will lapse under the Land Acquisition Act, 1894.
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 board of approval, headed by commerce secretary G K Pillai, will also consider requests from realty major DLF for de-notification of its IT-ITeS SEZs in Gujarat, Haryana, West Bengal and Orissa. Larsen and Toubro has proposed to set up an IT SEZ in Mumbai, while Gulf Oil Corporation has moved application for a similar tax-free zone in Bangalore.
Land acquisition for special economic zones has been a major bone of contention across the nation.
Dr Reddy's Laboratories, the second largest drug maker in the country, would invest about Rs 750 crore.
Govt should examine how SEZs can overcome their main problems over land acquisition.
The special economic zone scheme seems to be in trouble.
India's private and state government-owned ports (non-major ports) continued to grow faster than those owned by the Centre (major ports) through the first three quarters of 2023-24 (FY24), cargo handling data shows. At 604 million metric tonnes (mmt), cargo at major ports grew by 5 per cent between April and December, while non-major ports' cargo traffic growth was 11 per cent at 531 mmt. During December 2023, central government-owned ports in India handled cargo volumes of 69.9 mmt, a tepid year-on-year (Y-o-Y) growth of 0.7 per cent.
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.
There is more good news for those looking for jobs at IT companies. Infosys plans to hire 30,000 professionals this year.
Ishaan Real Estate is an investment company that focuses on property development projects in southern and western India.
Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
NIIT Technologies said on Tuesday it has got the regulatory approval to set up a special economic zone in Greater Noida.
