SEZs cancelled

The government has cancelled approvals of nine special economic zones (SEZs), including that of Hindalco Industries, Essar and Adani as no “satisfactory“ progress was made to execute the projects.
The decision was taken by the Board of Approval (BoA) headed by commerce secretary Rajeev Kher on September 18.“The board noted that the progress made by the following developerscodevelopers is not satisfactory,“ noted the commerce ministry. It said the developers have to refund the duty benefits availed by them.
Hindalco Industries had proposed to set up an aluminium product SEZ in Orissa. The formal approval to the developer was granted in July 2007. The develop er was granted extension from time to time and the last extension granted expired on December 31, 2013.
Essar Jamnagar SEZ, which had proposed to set up a multi-product zone in Gujarat, got formal approval in August 2006. It was expired in August 2009.
Similarly, Adani Townships & Real Estate Company had proposed an IT-ITeS zone in Gujarat. The BoA granted formal approval in June 2007, which expired in June 2010. The developer had reported they could not proceed with the project due to adverse demand scenario from IT sector and accordingly, were not interested in pursuing it.

No comments: