Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said.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.
The Reliance Industries special economic zone at Jamnagar in Gujarat, which had been given a sector-specific status (petroleum and petro-chemicals) earlier, was today modified to a multi-product zone by the board of approval, which met in New Delhi.
Emerging as the single largest export zone in the country, the Jamnagar SEZ has seen its export nearly touch Rs 80,000 crore (Rs 800 billion) till March 2010.
The decision was taken in the meeting of the Board of Approval headed by Commerce Secretary Rajeev Kher on September 18.
The Development Commissioners have recommended to the Board of Approval to cancel these SEZ projects.
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