Over 1,00,000 acres will be taken over by the Chhattisgarh, Jharkhand, Orissa and West Bengal governments or government agencies
Seeks SEZ status for 12 million tonne steel unit.
Software industry association Nasscom has sought continuation of software technology parks of India scheme where companies get tax benefits, till 2019.
Outward shipments from the government-owned SEZ in Kandla, Santacruz, Noida, Madras, Cochin, Falta and Vishakhapatnam grew by 16 per cent to Rs 45,777 crore (Rs 457.77 billion) in the last fiscal from Rs 39,275 crore (Rs 392.75 billion) in the previous year, the outcome Budget of the ministry of commerce said.
CA Computer Associates India Pvt Ltd, which has an approval for setting up an infotech SEZ in Ranga Reddy district of Andhra Pradesh, has informed the commerce ministry that it is withdrawing its application.
The Export Promotion Council for EOUs and SEZs has raised the issue with the Finance Ministry and is expecting a favourable response in the Budget. At present, units in the DTAs have to pay two per cent CST on goods bought from the special economic zones.
Production of mobile phones from Motorola's manufacturing facility, coming up at a special economic zone at Sriperumbudur near Chennai, will begin in the first quarter of next year.
Maruti Suzuki's next offering, the A-Star, a premium hatchback car, will be the first vehicle to be exported from the company's car terminal at Mundra Port, which is expected to be operational by December 2008. A joint venture between Maruti Suzuki and Mundra Port and Special Economic Zone (MPSEZ), the terminal is being set up with an investment of Rs 100 crore (Rs 1 billion).
The government on Thursday cleared six proposals for setting up special economic zones, taking the total number of such enclaves approved to more than 450.The Board of Approval (BoA), chaired by Commerce Secretary Gopal Pillai, took up nine proposals, of which five were granted formal approvals and one in-principle.
"Out of three SEZs only one has done some work. We will give back all the developers only the money which they had invested in buying the land as we are taking the land back from them," State Chief Minister Digamber Kamat said.
The Centre has proposed to set up a special economic zone for renewable energy device manufacturers, at a proposed investment of Rs 30,000 crore (Rs 300 billion), according to Union Minister of State in charge of non-conventional energy, Vilas Muttem
The West Bengal government on Thursday said it has received applications for 21 SEZs in the IT sector, of which six were in the final stage of approval. A SEZ set up by Wipro was already functioning in the state, while the other six can take up construction soon. A wireless technology research centre was being set up at Calcutta University. Commenting on WB's progress, State IT Minister Debesh Das said starting IT in 1999-2000 by 2005-06 the state witnessed 17-fold increase.
However, the board of approval in the commerce ministry asked the DLF to return all the tax sops it had taken from the Centre before its SEZs in Gujarat, West Bengal, Orissa and Haryana could be denotified. The BoA, headed by commerce secretary G K Pillai, also allowed more time to the K Raheja group to build its tax-free zones in Goa, Hyderabad and Navi Mumbai, an official said.
TRIL is planning to raise a Rs 4,770 crore international infrastructure fund by the end of the year to invest in infrastructure projects like building special economic zones, roads, ports and other core sector projects in the next three years. Tata Realty has already raised a Rs 3,500 crore offshore fund for investing in its real estate projects, 20 per cent of which is deployed. The other 80 per cent will be used in the next three years.
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.
Indian Oil Corporation signed an agreement with West Bengal government on Wednesday for setting up a world class petroleum, chemical and petrochemical hub at Haldia.
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
"The 46th meeting of the BoA on SEZs to consider proposals for setting up of SEZs and other miscellaneous requests is scheduled to be held on May 31," it said.
Wants CBDT to plug loophole in the system.
The much-touted special economic zones policy runs the risk of being reversed, in terms of attractive tax exemptions it offers, with the government's finances coming under stress, a study has said.
The empowered group of ministers, headed by External Affairs Minister Pranab Mukherjee, had imposed a 5000 hectare ceiling on SEZs last year following widespread protests over land acquisition. The meeting of the eGoM, scheduled for February 4 to review the land ceiling was cancelled.
Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani's conglomerate was targeted by a US short-seller in January. APSEZ 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 quarters, it said in an exchange filing, as it looks to regain investor confidence by showing that its liquidity position is comfortable. Shares of Adani group companies pummelled after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
The Karnataka government on Monday cleared IT major Tata Consultancy Services' proposal for special economic zones at four locations in the state with a combined investment of Rs 1,150 crore.
The world's second-largest computer chip maker Advanced Micro Devices is planning to invest about $500 million in SemIndia's proposed chip manufacturing facility near Hyderabad.\n\n
The government is likely to raise the number of special economic zones from 150 at present in view of the enthusiastic response from manufacturing and services companies.
This is the largest foreign direct investment proposal in the state and represents a five-fold increase from an earlier announcement by GFH for a $2 billion to $2.5 billion investment in an "energy city".
Within a fortnight of Commerce Secretary G K Pillai talking about a possible relaxation of cap on land size for SEZs, Commerce and Industry Minister Kamal Nath said on Tuesday there was no proposal to change the 5,000 hectare ceiling prescribed by a group of ministers. However, the Centre would look at specific proposals from states once the Resettlment and Rehabilitation Policy is implemented, he said.
Shares in one of India's few privately owned deepwater ports will start trading on Tuesday after an initial public offering valuing the equity of Mundra Port & Special Economic Zone at about $4.5 billion.
Based in the Cochin Special Economic Zone, Nikasu has managed to become the largest supplier of spring rolls and samosas to the US where it retails under the popular Laxmi brand (belonging to distributor House of Spices). In the UK, its products are sold as 'Taj' by Solanki Foods and are available at the supermarket chain Tesco. Another young but doughty exporter, Aakriti Foods, that makes Indian curries is also keen to launch its brand Mom's Pride in India.
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