BSE-NSE Ticker

Wednesday, February 10, 2010

Comm Min to take up new applications to set up SEZs

The Commerce Ministry will take up fresh applications for setting up special economic zones tomorrow 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 tomorrow," 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.

The zeal with which companies were approaching Commerce Ministry to get approvals for setting up SEZs in 2008, disappeared in the following year due to slackening demand for commercial spaces in wake of the global credit squeeze leading to less economic activities.

A total of 579 SEZs have been approved, of which 335 have been notified and 101 are functional.

The SEZs have attracted investment of over Rs 1.10 lakh crore and exports from the units during April-December 2009-10 stood at Rs 1,50,000 crore

No comments:

Economic Event Calendar

Economic Calendar >> Add to your site

Best Mutual Funds

Recent Posts

Search This Blog

IPO's Calendar

Market Screener

Industry Research Reports


Custom Pivot Calculator

Popular Posts

Market & MF Screener

Company Research Reports