The Central government has reportedly allowed GAIL (India) to exit as a unit from the Cochin Port Trust Special Economic Zone (CSEZ) in Puthuvypeen, Ernakulam, after repaying duty benefits it has availed so far. The company failed to meet the requirement of being a net foreign exchange earner (NFE).
The Cochin Port Trust, developer of the SEZ, and the three co-developers - Petronet LNG, Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) - have been given a year’s time to bring another unit into the zone that has a direct relationship with their activities, failing which the zone will lose its SEZ status. It is necessary for a new unit to come up after the exit of GAIL as it was the only operational unit in the SEZ. Without a functional unit, the zone will cease to exist.
GAIL India is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.
Company Name | CMP |
---|---|
GAIL India | 181.50 |
Petronet LNG | 262.10 |
Linde India | 6409.35 |
Confidence Petroleum | 84.00 |
Refex Industries | 133.80 |
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