Millennium Post

Govt allows 56 SEZ developers to surrender their projects

The Government on Friday approved the applications of as many as 56 special economic zone (SEZ) developers, including JSW Aluminium and Parsvnath, to surrender their projects.

The numbers reflect erosion of investor interest for these zones, which once emerged as export hubs. The decision regarding this was taken by the Board of Approval (BoA) headed by Commerce Secretary Rajeev Kher. A total of 57 developers sought approvals for the same. Except one, the Board has approved all the proposals to surrender projects, Kher said. Before surrendering their projects, the developers have to refund duty benefits if they have availed any.

Out of 57 SEZs, 35 tax-free enclaves are from IT/ITeS sector, while other sectors include engineering, biotechnology, gems and jewellery, pharmaceuticals and textiles. In all these cases, formal approvals had been granted.

However, since there was no significant progress made by the developer/co-developer, the
concerned development commissioner had proposed cancellation of the formal approval granted to these developers.
PTI

PTI

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