6 SEZ developers, units seek more time to implement projects

Kerala State IT Infrastructure Ltd has sought further extension of the validity period of its formal approval, which was granted for setting up of IT or ITES zone

Six special economic zone (SEZ) developers and units, including Kerala State IT Infrastructure have sought more time from the government for implementing their projects.

All these requests will be considered by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia on August 12.

The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters.

Kerala State IT Infrastructure Ltd has sought further extension of the validity period of its formal approval, which was granted for setting up of IT/ITES zone in Kerala.

The approval will be ended on September 18.

"The developer has requested for further extension so as to implement the project. DC CSEZ (Development Commissioner Cochin Special Economic Zone) has recommended the proposal for extension by one year," the BoA said in its agenda.

The other players like JBF Petrochemicals and Biomedical Lifesciences have requested for extension of LoP (Letter of Permission) beyond third year onwards.

SEZs are export hubs which contribute about 16 per cent to the country's total outbound shipments.

The Commerce Ministry is taking steps to revive investors interest in these zones. It has asked the Finance Ministry to extend sops like rollback or reduction in the minimum alternate tax.

Exports from these zones logged a marginal growth of 0.77 per cent to Rs 4.67 lakh crore in 2015-16. It was Rs 4.63 lakh crore in 2014-15.