The government has cancelled 1,840-hectare multi-product special economic zone [SEZ] project being developed by the Gujarat-based Adani Group at Mundra, alleging violation of various norms.
The Adani Port and SEZ project, a commerce ministry official said, was denotified as the proposal did not conform to contiguity norms and was in violation of the rule which requires that the SEZ site be vacant before approval is sought. Besides, the site was land-locked without means of proper transport, the official said, adding, 'They had violated these three norms. Because of this, we have denotified their SEZ.'
An Adani Port and SEZ spokesperson said, 'The company has over 6,473 hectare land notified multi-product special economic zone, which has no relation with the aforesaid SEZ.
'We had sought clearance for this additional land measuring 1,840 hectare for expansion in future. The clearance was turned down as the authorities felt that the proposed area lacked contiguity. We will seek clearance for this additional 1,840 hectare in due course.'
Shares of Adani Ports SEZ closed down 3.12 per cent at Rs 119.60 on the National Stock Exchange. The SEZ, which is adjacent to existing tax-free zone of the company at the same place, was notified in March this year. Under the contiguity norms for the SEZs, a developer is required to develop the zone on a single tract of land.
The Adani Port and SEZ project, a commerce ministry official said, was denotified as the proposal did not conform to contiguity norms and was in violation of the rule which requires that the SEZ site be vacant before approval is sought. Besides, the site was land-locked without means of proper transport, the official said, adding, 'They had violated these three norms. Because of this, we have denotified their SEZ.'
An Adani Port and SEZ spokesperson said, 'The company has over 6,473 hectare land notified multi-product special economic zone, which has no relation with the aforesaid SEZ.
'We had sought clearance for this additional land measuring 1,840 hectare for expansion in future. The clearance was turned down as the authorities felt that the proposed area lacked contiguity. We will seek clearance for this additional 1,840 hectare in due course.'
Shares of Adani Ports SEZ closed down 3.12 per cent at Rs 119.60 on the National Stock Exchange. The SEZ, which is adjacent to existing tax-free zone of the company at the same place, was notified in March this year. Under the contiguity norms for the SEZs, a developer is required to develop the zone on a single tract of land.