11 developers seek more time for SEZ projects, 5 to surrender

by Paul Joseph on November 19, 2012 · 0 comments

Reflecting developers’ waning interest in Special Economic Zones, 11 companies, including Posco-India and Raheja SEZ, have sought more time from the government for implementing their projects. Besides, five special economic zone (SEZ) promoters including Maharashtra Industrial Development Corporation (MIDC), wants to surrender their projects. The Board of Approval (BoA), headed by Commerce Secretary S R Rao, will take decision on these requests in the forthcoming meeting scheduled on November 23, an official said. The BoA is a 19-member inter-ministerial body that deals with Special Economic Zone (SEZ) related matters. The developers have cited global slowdown, imposition of minimum alternate tax and lack of response from infrastructure developers as major reasons

[via India Properties – Real Estate India – Indian Property News Site]

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