Infosys has asked the West Bengal govt to give them land or repay the token amount the former had paid earlier.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The empowered goup of ministers on special economic zones (SEZs) on Thursday cleared 83 proposals
Ahmedabad-based Symphony Ltd, a global player in air coolers, is planning to set up a manufacturing unit at the special economic zone (SEZ) at Sachin near Surat to cater to its export market.
Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
Other developers that have sought additional time include Alstom Bharat Forge Power, Sesa Sterlite Ltd and Cognizant Technology Solutions. Vedanta Aluminium has asked for extension of the validity of the approval granted by the board for setting up an SEZ in Odisha beyond May 22.
Analysts point out that exporters outside SEZs enjoy Cenvat credit against service tax paid on a host of services subscribed to while engaging in export-related activities. In addition, the department of revenue recently permitted service tax exemption on seven services used by exporters.
The Centre is contemplating to create Special Economic Zones for various service sectors in different parts of the country, Union Minister for Commerce and Industry Arun Jaitley said in Kolkata on Tuesday.
In sharp contrast to the stand taken by his secretary yesterday, Commerce Minister Kamal Nath on Thursday said the Centre can review all special economic zones in Goa as it does not want to thrust SEZs on the states.
Parsvnath SEZ Ltd -- the subsidiary of Parsvnath Developers -- now has two notified SEZs for IT/ITES sectors at Indore and Gurgaon with a combined developable area of over 16 million square feet.
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.
Cabinet nod not required after commerce ministry approval.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
Though the decision to pull out of the Rs 8,603-crore (Rs 86.03 billion) multi-services SEZ project in Tamil Nadu has been taken by the MMTC brass, the formal approval for aborting the plan is expected on January 16 from the MMTC board.
Even as the freeze on all decisions and notifications for fresh special economic zones continues, the government on Friday gave its nod for authorised operations in 30 notified SEZs, while granting co-developer status to five zones.
The state government on September 21 held the referendum, the first of its kind in the country, in 22 villages in Raigad district to decide the fate of the Mumbai SEZ, promoted by Jai Corp headed by Anand Jain, who is a close associate of Reliance Industry chief Mukesh Ambani. However, Raigad district collector Nipun Vinayak is yet to finalise the report on the issue.
The Mukesh Ambani-controlled Navi Mumbai SEZ Pvt Ltd has been charged with indulging in illegal land-filling activity by the tehsildar of the Panvel taluka. Navi Mumbai SEZ is developing a Special Economic Zone over 2,000 hectares in association with Cidco, the Maharashtra government's industrial and township development arm. When contacted, D L Kedare, the tehsildar of the Panvel taluka, said the machinery at the two sites (Ulve and Roadpalli) has been confiscated.
The SEZ would have around 18,000 seats and will be operational by end-March 2011. "Infosys has acquired 202 acres of land in Sarjapur, near Bangalore, to build an SEZ.
Navi Mumbai SEZ Pvt Ltd, promoted by Ambani and his associate Anand Jain, has proposed to split its 1,233-hectare SEZ project into five separate tax-free zones.
Even as Anil Ambani's proposal for a special economic zone in Noida was turned down by the Uttar Pradesh government on Saturday, Mukesh Ambani's Mumbai SEZ (formerly called the Maha Mumbai SEZ) has also run into problems.
Commerce ministry will issue notices to 57 formally approved SEZs. If the notices are not replied to, the approvals will stand cancelled.
Earlier, this relaxation was given to only 'de-capacitated' employees or those who are travelling.
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.
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.
Andhra Pradesh is to house the country's first Special Economic Zone (SEZ) for Small and Medium Enterprises (SMEs). The first phase of the project, meant to house about 60 SME pharmaceutical manufacturing units in 200 acres of land is to be ready by mid-2008.
Lower minimum area of land required for multi-product SEZs to 250 hectares from 1,000.
SEZs promoted by Reliance, Raheja, IFFCO may benefit.
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.
When asked what the Infosys stand will be, Binod Hampapur, senior vice-president and global head of commercial and corporate relations at Infosys, said that the company will wait for the letter before the company makes any comment.
SEZs should be judged in the same way you would many other export promotion schemes such as Drawback, Duty Entitlement Pass Book and Export Promotion Capital Goods while discussing indirect taxes.
The trouble is, in backward areas where infrastructure is weak, the impact of SEZ on access to water would be even more serious.
Amid a raging controversy over acquisition of land for special economic zones, Union Home Minister Shivraj Patil said on Saturday the government has an 'open mind' about 'refining' the SEZ policy.
Former West Bengal chief minister and a front-ranking Marxist leader Buddhadeb Bhattacharjee will go down in the country's history as a pragmatic communist who kept aside his ideological convictions to woo capital for the industrialisation of his state.
The developers of special economic zones may not get tax benefits for the money spent on meeting the contiguity norms.
The JD-U flayed the ruling United Progressive Alliance government for its policy on special economic zones calling it "the biggest real estate scam in India" and sought immediate suspension of implementation of the "anti-farmer act".
The affected community must share in the gains from the use of its land for development.
Protests by farmers to land acquisition notwithstanding, the SEZ juggernaut is all set to move on when the high-powered Board of Approvals takes up 37 more proposals, including two from Maharashtra, on Wednesday.
