Govt gives more time to 31 SEZ developers to execute projects

The government has given more time to as many as 31 special economic zone developers and units, including Torrent Pharmaceuticals and Kakinada SEZ, to implement their projects.
All these decisions were taken in the meeting of the Board of Approval (BoA), headed by Commerce Secretary Rajeev Kher, on February 20.
The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters.
Torrent Pharmaceuticals Ltd, a unit in Dahej SEZ Ltd, had sought extension of its Letter of Permission (LoP) beyond December 2, 2014.
"The Board, after deliberations, extended the validity of the LoP up to 2nd December, 2015," the minutes of the BoA meeting said.

All the developers who had sought more time have got one year to complete their SEZ projects and units.

Other developers who have got more time include Smart City (Kochi) Infrastructure, Saraf Agencies and Golden Tower Infratech.
Recently, Commerce and Industry Minister Nirmala Sitharaman had informed the Parliament that the Ministry has given more time to 211 SEZ developers during the last three years to execute their projects.
The letter of approval granted to SEZ developer is valid for three years within which effective steps are to be taken by the developer to implement the approved project.
Further, the BoA also discussed the proposal of Adani Ports and Special Economic Zone Ltd (APSEZL) to set up multi-product zone in Gujarat.

"The Board decided to grant formal approval to the proposal of APSEZL for setting up of multi product SEZ at Mundra Taluka, Gujarat, over an area of 1856.5335 hectares.
"However, in case any duty exemption has been availed in completing the independent access, the same shall be refunded back by the developer," it said.
Further, it said that the developer would construct boundary wall on both sides along the independent access and dedicated fenced corridor, within 6 months.
Meanwhile, exports from these zones increased from Rs 22,840 crore in 2005-06 to Rs 4.94 lakh crore in 2013-14.