Divestment Minister Arun Shourie said on Tuesday that administrative delays were affecting the growth of exports in the country.
Lupin proposes to set up a sector-specific special economic zone in Maharashtra to produce API and formulations with an initial investment of Rs 200 crore (Rs 2 billion).
Reliance Industries Ltd said its two other proposed SEZs in Mumbai would contribute Rs 50,000 crore (Rs 500 billion) to the country's exports once they are operational.\n
The Empowered Group of Ministers to examine the minimum area required for setting up Special Economic Zones is likely to hold its first meeting on Wednesday.
Diversified group Mahindra and Mahindra will set up its third Special Economic Zone at Pune, which is likely to see investments of Rs 9,000 crore (Rs 90 billion).
In a bid to take forward labour reforms, the government on Thursday said units in the special economic zones will be exempted from making contributions to Employees Provident Fund and Employees State Insurance for five years.
Infosys has been awarded the Leadership in Energy and Environmental Design India 'Platinum' rating by the Indian green building council for its Software Development Block 3 in Mangalore and SDB 6 in Mysore, the company in a statement said.
Billionaire Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. Promoter group has increased stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent, according to a stock exchange filing. Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.
Leading UK-based NRI industrialist Lord Swaraj Paul has said that he proposed to make investments in Madhya Pradesh.
The finance ministry on Monday defended the budget proposal on a sun set clause for tax sops to special economic zones, saying it is a normal practice in any kind of fiscal concessions.
Billionaire Gautam Adani's group on Monday said it has written confirmation that accounts of three foreign funds that are among its top shareholders are not frozen and reports to the contrary are "blatantly erroneous and misleading". Shares of Adani group companies plunged on Monday after reports that the National Securities Depository Ltd (NSDL) froze the accounts of the three foreign funds that are among the top stakeholders in the firms. Adani Enterprises, the conglomerate's flagship company, as also Adani Ports and Special Economic Zone, Adani Green Energy Ltd, Adani Transmission Ltd, Adani Power and Adani Total Gas Ltd in identical filings to the stock exchanges said the reports of NSDL freezing accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in the group firms were "blatantly erroneous and is done to deliberately mislead the investing community."
International Finance Corporation, which plans to hike its India exposure to $1.5 billion by 2007, is eager to invest in the equity of special economic zones, including the Rs 4,950 crore (Rs 49.50 billion) Maha Mumbai SEZ.
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 finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
The freeze on special economic zones may go in the next 10 days, with the empowered group of ministers expected to give its nod to proposals that show land has already been tied up.
Most of the Adani Group companies fell in the morning trade on Friday and flagship Adani Enterprises tumbled 10 per cent after index provider MSCI decided to reduce the weightage of four firms in its indices following a review. Amid volatile trading in the market, seven Adani Group firms were in the negative territory while three others were in the green. Adani Enterprises plunged 10 per cent to Rs 1,734.60 per share, its lower price band on the BSE, and the company's market valuation dropped to Rs 2.14 lakh crore.
Tax holidays to special economic zones are estimated to lead to a revenue loss of over Rs 1-lakh crore by FY10, the Parliament was informed on Friday.
The Centre has garnered around Rs 2,500-3,000 crore in the first five weeks after it imposed a windfall tax on oil and gas companies for the export of fuel, Business Standard has learnt. It is likely that the government will continue with the one-time tax till the Indian crude basket is above $80 a barrel, sources said. The next review of the windfall tax on oil companies is early next week.
Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
The government expects these special areas -- National Manufacturing and Investment Zones -- will help in increasing the share of manufacturing from 15 per cent of the GDP at present to 25 per cent by 2022.
