During April-December 2009-10, exports from special economic zones stood at Rs 1,51,785 crore (Rs 1,517.85 billion).
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
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.
The Special Economic Zone (SEZ) Act of 2005, which completed two years on February 10, 2008, has facilitated a 200 per cent rise in exports from these zones during the period, and has led to an incremental investment of Rs 70,416 crore (Rs 704.16 billion).
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
The government may look at relaxing 5,000 hectare-ceiling on land for Special Economic Zones once the the Land Acquisition Act is in place, commerce secretary G K Pillai said on Monday. "Now that the new Relief & Rehabilitation policy has come into being, the government may think of relaxing the upper limit of 5,000 hectares for SEZs (once the land acquisition law is enacted), he said on the sidelines of the India Economic Summit.
Three special economic zones promoted by Reliance Industries chairman Mukesh Ambani and his close aide Anand Jain in the same area have been listed for clearance on Friday.
The Union Cabinet will soon consider a comprehensive Special Economic Zones Bill, which would lay down guidelines for their development, operation and management.
The government on Wednesday granted approval to Nokia, Wipro, Hewlett Packard, Reliance, Biocon, Ranbaxy Laboratories, Mahindra and Mahindra, Reliance energy and Adani Group's to set up Special Economic zones.
Sources close to the development said RIL, which was planning two adjacent economic zones in the coastal district of Raigarh in Maharashtra, is looking to set up three special purpose vehicles (SPVs) to develop the various components of the project.
BoA has given formal approval to 15 special economic zones, including those of TCS and Cognizant, and in-principle nod to five, Commerce Secretary and BoA Chairman G K Pillai told reporters after the meeting in New Delhi.
Senior officials from different ministries, including finance, home affairs and defence, would be attending the meeting. The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
Rentals for commercial complexes fell sharply and the land, developers felt, could be employed for other purposes.
While announcing the launch of Estancia three months ago, the promoters had said they would earmark about Rs 600 crore to develop an IT park inside Estancia.
The government on Friday the proposals of telecom giants Motorola and Foxconn, and Singapore-based reality major Ascendas to join as partners in the Special Economic Zones coming up near Chennai.
SEZ developers have been facing problems in setting up their projects as they have to take permissions from state authorities for master plan and environment at different levels.
He urged China to bolster the flow of its tourists to the Maldives.
Genpact, a leading BPO player, on Wednesday announced its expansion plans in Bhopal, Bhubaneshwar and Jaipur.
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 Wednesday assured domestic and global auto companies all help such as granting SEZ status and a re-look at tax structure for setting up testing centres and manufacturing plants in a bid to make India the automotive hub of the world.
Mahindra & Mahindra Ltd on Thursday announced its plans to set up a special economic zone at Jaipur entailing an investment of $2 billion.
Goa has scrapped 12 SEZs, including the seven, which were approved by the state government. But the government is struggling over denotification of three industrial enclaves, which has now rushed to the High Court against government's intention to scrap them.
Adani group firm Adani Ports & SEZ paid Rs 1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy after a sellout triggered by a damning report by US-based Hindenburg Research. Adani Ports and SEZ paid SBI Mutual Funds' due amount of Rs 1,500 crore on Monday and will also pay another Rs 1,000 crore of commercial papers due in March (as per the payment scheme), a company spokesperson said. "This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said.
The proposed legislation on special economic zones would give a big boost to the inflow of foreign direct investment in the country, Commerce and Industry Minister Kamal Nath said in New Delhi on Friday.
External Affairs Minister Pranab Mukherjee, who heads an Empowered Group of Ministers on Special Economic Zones, is likely to consult Prime Minister Manmohan Singh to resolve the dispute between finance and commerce ministries over tax exemption for export profits from the zones.
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.
Even as banks and finance companies are reporting record-high earnings, their weighting in the benchmark National Stock Exchange Nifty50 Index has seen a downward trajectory. Investors expect a stronger performance from other sectors in the new year. Currently, banking, financial services and insurance (BFSI) companies collectively hold a weighting of 34.5 per cent, down from 36.7 per cent at the end of December 2022 and a record high of 40.6 per cent at the end of December 2019. This represents the sector's lowest weighting in the index since December 2021 when it stood at 33.7 per cent.
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).
Shares of real estate firms have been outperforming over the past year. The rally, analysts say, may hit roadblocks in the near term amid stretched valuations, even as the long-term prospects for the sector remain ebullient. "Most of the positive news flow is already in the price. Hence, investors sitting on hefty profits may partially cash out at current levels," suggests V K Vijayakumar, chief investment strategist at Geojit Financial Services.
Gitanjali Group, the Rs 4,500-crore (Rs 45 billion) diamond-studded jewellery manufacturing firm, has evinced interest in setting up a special economic zone (SEZ) for diamond processing industry near Bangalore.
Undaunted by criticism by a Parliamentary panel, the government cleared 28 fresh special economic zone proposals on Thursday, including the Navi Mumbai promoted by Reliance Industries Chairman Mukesh Ambani.
Indian Petrochemicals Corporation Ltd employees affiliated to three separate unions in Vadodra will go on a mass protest on Tuesday against the proposed transfer of some of them to Reliance Industries' SEZ in Jamnagar.
Karnataka has received in principle approval from the Centre for setting up a special economic zone across its three coastal districts.
Board of Approval has asked the Goa government to compensate the denotified developers over the SEZ issue.
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".
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