TCS, 2 Multi-Sector Sezs Among 10 Projects Cleared

New Delhi: The Board of Approval for Special Economic Zones (SEZs) today gave formal approvals to 10 projects, mostly in the IT sector and in-principle approvals to three projects, including two multi-sector SEZs, besides clearing seven co-developers in Mukesh Ambani promoted Navi Mumbai SEZs.

The BoA meeting under the chairmanship of the Commerce Secretary, Gopal K. Pillai, gave formal approvals to IT/ITES SEZ projects of Malwa IT Park Ltd, Indore, Tata Consultancy Services Ltd, Kolkata and Rakindo Kovai Township Pvt Ltd, besides a free trade warehousing zone SEZ by Jafza Chennai Business Parks Pvt Ltd and a bio-technology park SEZ by Saloni Business Park Pvt Ltd, Thane.

Multi-sector SEZs

Out of the three in-principle approvals granted, two are multi-sector SEZs being promoted by Privilege Power and Infrastructure Pvt Ltd at Maharashtra spread over 2,245 hectares and another by Sengadu Projects Pvt Ltd at Villupuram district in Tamil Nadu over 1,000 hectares.

With today’s meeting of BoA, the number of valid formal approval is 395 out of which notified SEZs number 156. Pillai apprised the members of the BoA that investment worth Rs 50,906 crore has occurred so far and current employment in new SEZs is about 72,168 persons.

Navi Mumbai SEZ

On the clearance of seven co-developers in Navi Mumbai SEZs, Pillai told reporters after the meeting that this has been done “subject to their producing data on net assets of the co-developers”.

Even as the BoA cleared the Navi Mumbai SEZs in its last meeting, this SEZ was first divided into four zones - one multi-product and three for IT and ITES. Later, the promoters took on board seven co-developers with Jai Corp being the holding company for these partners.

With the holding company selling a part of its stakes through an overseas infrastructure fund to raise Rs 2,500 crore to be ploughed back to all the co-developers, the promoters could now go ahead with new financial restructuring.

It is in this context that the Navi Mumbai SEZ will have to furnish all the financial data to the Government by the month-end, Pillai said.