Commerce Ministry to take up new applications to set up SEZs tomorrow

The Commerce Ministry will take up fresh applications for setting up special economic zones on Thursday even as more developers are seeking extra time to execute their projects due to slackening demand for commercial space.

“The Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar will consider proposals for setting up of SEZs,” a government official said.

Mahindra Satyam has asked the BoA for more time to develop its three IT SEZs in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.

“In its application, Mahindra Satyam has said due to the global economic recession and IT slowdown in particular, it has decided to go slow on the infrastructure and expansion plans...” the official said.

Mahindra Satyam (earlier Satyam Computer Services), which survived one of the worst accounting frauds in the country last year, is in the process of “analysing the global economic situation to amend its expansion plans appropriately.”

It had already been given extension for its projects at Hyderabad and Visakhapatnam, which were to lapse in June.

Besides, Uttam Galva Steel, Wockhardt Infrastructure Development and the Kandla Port are among the 14 applicants who have sought extension. About 105 cases have already been granted extension for one year.

Jawaharlal Nehru Port Trust and Ozone SEZ Developers are among the eight applicants interested in setting up new SEZs.

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Printable version | Feb 19, 2020 12:47:13 AM |

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