Indiabulls, Videocon seek more time for developing SEZs

The Board of Approval (BoA) will consider requests of Indiabulls and Videocon among others for more time to develop their SEZ projects, even though these firms do not fulfil the criteria of possession of land for being given extension.

"It was decided that the cases which do not fulfil the criteria will be placed before BoA for consideration," the agenda document of the BoA meeting scheduled for June 2 said.

The BoA had laid guidelines in January which stipulated that extension would be given only when the developer has acquired 50 per cent of the required land for setting up a special economic zone (SEZ).

Videocon Realty and Infrastructure, Indiabulls Infrastructure and Rewas Ports have not fulfilled the criteria of possessing at least 50 per cent of land for their SEZ projects, as per the agenda papers.

Indiabulls Infrastructure had first received in-principle approval in October 2006 for setting up a multi-product tax-free enclave in Maharashtra.

While, Videocon has yet not acquired any land, Indiabulls has so far acquired 10 per cent of the requirement.