More time given to SEZ developers to complete projects: Sitharaman

Commerce and Industry Minister Nirmala Sitharaman on Wednesday said 143 special economic zone (SEZ) developers have been granted more time to complete their projects.

"Some SEZ developers had sought extension of validity period of the letter of approval granted to them for the execution of their projects for various reasons, including adverse business climate due to global recession, delay in approvals from statutory bodies, delay in environmental clearance, etc," Sitharaman said in a written reply to the Rajya Sabha here.

"During the last three years and the current financial year (up to January 2017), the Board of Approval has granted more time to 143 developers of SEZs across the country to complete their projects," she added.

In terms of the Special Economic Zones Rules, the letter of approval granted to a SEZ developer is valid for a period of three years within which time effective steps are to be taken by the developer to implement the approved proposal.

The Board of Approval under the Department of Commerce may, on an application by the developer, extend the validity period of the letter of approval.

--IANS

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