New Delhi: The economic slowdown and the
problems in acquiring land is making developers re-think their
SEZ plans and 10 of them have approached the government
for withdrawal of approvals for setting up the tax-free
enclaves.
Besides, at least eight SEZs, have sought extension,
citing different reasons like problems in acquiring land.
The applications for seeking withdrawal of approvals and
extension of validity of clearances will be considered by the
Board of Approvals in the Commerce Ministry in its meeting on
October five.
Promoters which want to pull out of these projects in the
wake of the slow down for commercial space include Gremach
Infrastructure Equipments for its proposed project at
Kolhapur, ETL Infrastructure Services' project at Kancheepuram
in Tamil Nadu and Maharashtra Industrial Development
Corporation for a bio-technology SEZ at Jalna in Maharashtra.
Those seeking extension of time include Mumbai SEZ,
promoted by Reliance Industries' Chairman Mukesh Ambani and
his close aide Anand Jain, Gitanjali Gems, Jubliant
Infrastructure and L&T Hitech City, an official said.
The BoA has so far approved one-year extension to 81
developers.
After the economy felt the impact of the global recession
from September,2008 the demand for commercial space saw a big
erosion.
Bureau Report
First Published: Wednesday, September 16, 2009, 19:02