11 Mar 2013

Slowdown Effect

 Slowdown Effect: L&T Approaches Govt To Surrender SEZ

Reflecting lack of enthusiasm for special economic zones, 16 developers including Cognizant Technology Solutions and Parsvnath SEZ have sought more time from the government for implementing their projects. Besides, four developers, including L&T Chennai Projects and Welspun Anjar, have approached the commerce ministry to surrender their IT and textile zones respectively.


“These proposals will be taken up by the Board of Approval (BoA) headed by commerce secretary SR Rao on March 15,” an official said. L&T Chennai Projects Pvt Ltd, has requested for SEZ de-notification on the grounds of global recession in IT/ITES sector, general slowdown in macroeconomic scenario and introduction of minimum alternate tax and dividend distribution tax, the official said.

The other developers, which have sought more time to implement their projects, include Gujarat Industrial Development Corporation, Cochin Port Trust and Hyderabad Metropolitan Development Authority. Parsvnath’s project for setting up of Biotech SEZ in Andhra Pradesh was notified on December 20, 2011.

The developer has been granted two extensions, the validity of which was up to August 2012.

Source: Hindustan Times 07 March 2013
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