The Board of Approval on SEZs on Friday approved setting up of five new special economic zones (SEZs) but deferred the decision on a similar request by Larsen & Toubro.
Five new proposals for SEZs were approved at the Friday's meeting, Additional Commerce Secretary D. K. Mittal told reporters here.
The BoA also allowed three developers, including Unitech Infopark, to surrender their SEZs. They would have to pay back the tax concessions they availed while executing the projects and other pending dues. Besides, the inter-ministerial BoA chaired by Commerce Secretary Rahul Khullar approved additional time to 29 developers to execute their SEZ projects. The decision on Larsen & Toubro's request to set up IT/ITeS SEZ over 10 hectare in Mysore, Karnataka was deferred as some more clarifications were required, Mr. Mittal said.
Indus Gene Expressions, Cochin International Airport, Shantha Biotechnics, Suchirindia Infrastructure and Lanco Solar were given permission to go ahead with their SEZ plans. The developers who were given permission to get their SEZs de-notified are: Unitech Infopark, Wardha Power Company and Estra IT Park. They had cited economic slowdown as reason for surrendering their tax-free enclaves.