| Date: |
17-09-2015 |
| Subject: |
Govenment asks Navi Mumbai SEZ to submit action plans for 3 zones |
NEW DELHI: Government has extended the validity of approvals given to develop three zones by Navi Mumbai SEZ, promoted by Mukesh Ambani, for the sixth time with the condition of coming up with a clear-cut action plan for development of their special economic zones.
The decision was taken in the meeting of the Board of Approval (BoA), chaired by Commerce Secretary Rita Teaotia, on August 27.
The board after deliberations extended the validity of the formal approval "with the condition that the Developer shall submit a clear-cut development plan and action plan of the SEZ and approval of the State Government of Maharashtra within that time-frame.
"DC ( Development Commissioner), Navi Mumbai SEZ was directed to verify the expenditure claimed by the developer to have incurred for the development of this SEZ along with progress made so far on ground," the minutes of the 66th meeting of the Board of Approval(BoA) for SEZ said.
Navi Mumbai SEZ Pvt Ltd has proposed to set up three zones - multi-product, IT/ITeS and multi-services at Dronagiri and Kalamboli respectively.
For the multi-product zone at Dronagiri, the Board extended the validity of the formal approval up to January 29, 2016. The developer has made investment of Rs 3,850.27 crore on the project till April 2015.
In its application, Navi Mumbai SEZ Pvt Ltd had stated that the formal approval of the zone was given in July 2007 with the condition of establishing contiguity as per the provisions of the SEZ Rules.
"The cost of establishing contiguity is Rs 500 crore, which the developer has stated, will make the project uncompetitive.
"The developer has submitted revised proposal for breaking up of existing notified area into five SEZs," the agenda of the BoA meeting had said.
For the IT/ITeS and multi-services zones at Kalamboli, Navi Mumbai, the BoA extended the validity up to 25th January, 2016.
In the meeting, the board has given additional time to 20 more SEZ developers to implement their projects.
SEZs, which emerged as major export hubs in the country, started losing sheen after the imposition of MAT. Industry has sought a reduction or removal of the levy to boost exports and investments.
Exports from these zones declined to Rs 4.63 lakh crore in 2014-15 from Rs 4.94 lakh crore in 2013-14.
Source : economictimes.indiatimes.com
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