Gitanjali Gems seeks govt nod to surrender SEZ project

Gitanjali Gems has sought government's approval to surrender its gems and jewellery SEZ project in Maharashtra.
The matter will be considered by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, on November 3.
The company's SEZ was notified on June 9, 2008, and its formal approval expired on October 24, 2011.
The Development Commissioner of Santacruz Electronics Export Processing Zone said the developer could not get green zone converted to industrial zone even after lapse of eight years from notification.
"Therefore, the extension of formal approval of the developer has not recommended and formal approval may be cancelled," the BoA agenda said.

Karanja Infrastructure too has sought BoA's approval for cancellation of formal approval given to its Free Trade and Warehousing Zones (FTWZ) in Raigad.

Further the board would also consider applications of five developers including KRC Infrastructure and Projects and GAR Corporation to set up new special economic zones (SEZs).
Exports from special economic zones logged a marginal growth of 0.77 per cent to Rs 4.67 lakh crore in 2015-16.
The exports from such 204 zones were Rs 4.63 lakh crore in 2014-15.
As per the Commerce Ministry's data, as on March 31, these zones have attracted investments worth Rs 3.76 lakh crore and have generated employment for 15.91 lakh people.