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Government cancels approvals of nine special economic zones

30 Sep 2014 Evaluate

In what could be called blessing in disguise for the Special Economic Zones (SEZ) developers, the government has cancelled approvals of nine special economic zones, including that of Hindalco Industries, Essar and Adani as no 'satisfactory' progress was made to execute the projects. SEZs are mainly export and investment hubs which enjoy certain tax benefits.

A meeting of the Board of Approval (BoA) headed by Commerce Secretary Rajeev Kher noted that the progress made by those developers/co-developers is not satisfactory and decided to cancel the formal approval/ notification/co-developer status, as the case may be. However, it said the developers have to refund the duty benefits availed by them.

As per SEZ rules, formal approval is valid for a period of three years, by which time at least one unit has to commence production and the zone becomes operational from the date of commencement of such production. Provision to this rule provides for extension of this formal approval by BoA, for which the developer will submit his application to the concerned DC, who shall, within 15 days, forward it to the Board with his recommendations. However, if there is no satisfactory progress even after an extension, the approval can be cancelled.

Hindalco Industries had proposed to set up an aluminium product SEZ in Orissa. The formal approval to the developer was granted in July 2007 and was granted extension from time to time and the last extension granted expired on December 31, 2013. Essar Jamnagar SEZ, which had proposed to set up a multi-product zone in Gujarat, got formal approval in August 2006, which expired in August 2009. Adani Townships & Real Estate Company had proposed an IT/ITeS zone in Gujarat and was granted formal approval in June 2007, which expired in June 2010.

The other developers whose SEZs were cancelled include Asia Pacific Corporation Limited (for polymer-based products in Gujarat), Gaurinandan Property Holders for IT/ITES in Gujarat, Gujarat Industrial Development Corporation for a ceramic and glass unit in Gujarat, Chennai Business Park for IT/ITES in Tamil Nadu, Integrated Warehousing Kandla Project Development for FTWZ in Gujarat and Viraj Profiles for stainless steel engineering product in Maharashtra. Earlier, too the government has cancelled its approvals to 27 special economic zones.

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Government cancels approvals of nine special economic zones

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