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SEZ developers allowed to dilute project equity

Cabinet nod not required after commerce ministry approval. Five years after the Special Economic Zone (SEZ) policy came into existence, the department of commerce and industry has allowed developers to sell their stake partly or fully to other promoters and firms, including foreign ones. In other words, foreign real estate players will now be able to own SEZs in India, even though there are restrictions on FDI in real estate. The decision was taken by the board of approval (BoA) on SEZs under the ministry of commerce and industry at a meeting on September 19. The BoA, headed by commerce ...