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Goans to decide allotment of scarce land
2008-09-19 07:41:00 The chief minister of Goa, Mr Kamat, stated that Goans will decide land allotment to outside investors or industrialists through local bodies (panchayats) as land is scarce and precious. As India?s smallest state, with an area of just 3,702 km for a population of 1.4 million, Goa has decided to amend the law to regulate ...
Lending curbs on SEZs to be removed
2008-09-17 07:15:00 The government is planning to remove lending curbs on special economic zones and give SEZs (Special Economic Zone) the coveted ?infrastructure? status, which would help them raise loans at cheaper rates from domestic banks. This would help counter the global financial crises. Since 2006, the Reserve Bank of India (RBI) has been treating lending to ...
Commerce minister to review SEZ tax policy
2008-09-15 07:31:00 Commerce ministry is likely to hold a meeting with Special Economic Zones (SEZ) developers to discuss the problems faces by them over the way income tax exemption is granted to the units in SEZ, at the annual meeting of the export promotion councils for export oriented units (EOUs) and SEZs. Commerce and industry minister, Kamal ...
SEZs Run into Stamp Duty Wall
2008-06-10 07:54:00 Special economic zones (SEZs) could be in for some tax trouble from the states. States have questioned the stamp duty exemption given by the Centre under the SEZ Act. Some state governments have objected to the Centre?s power to provide such a tax sop, and termed the move to exempt stamp duty under the Indian Stamp ...
Kudos in line on inflation management
2008-05-12 07:25:00 The RBI?s Annual Credit Policy has come and gone and the markets and the economy are reacting to the initiatives of the RBI. It is obvious that the Governor/RBI has been proved correct in his judgment of the inflationary potential in the economy and his measures to raise the CRR before the credit policy were, ...
Finolex to Sell Pune SEZ Land for Rs 400 cr
2008-05-08 06:27:00 Finolex Industries, part of the diversified Finolex group, has decided to sell off its special economic zone (SEZ) plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for between Rs 350 crore and Rs 400 crore. For close to a year, the Rs 950 crore ...
Uppal to Invest Rs 8,000 cr in 4 SEZs
2008-05-01 08:49:00 Real estate firm Uppal Group is planning to invest over Rs 8,000 crore in the next five years to develop four special economic zones and two hotels in the north India. The Delhi-based company has already received the notification for two SEZs in Gurgaon, while it has got the formal approval for two SEZs planned ...
Mahindra?s Jaipur SEZ to become partly operational from July
2008-04-26 05:13:00 The Special Economic Zone being developed by Mahindra’s at Jaipur will become partly operational in July with first group of clients moving in, a top official said on Friday. Mahindra Lifespace Developers, the real estate and infrastructure development arm of the USD 6 billion Mahindra group, has also started buying land at Karla, near Pune, ...
Residential Enclaves on the Lines of SEZs Proposed To Beat Slowdown
2008-04-22 08:11:00 After special economic zones (SEZ), it?s now the turn of special residential zones (SRZ). The government is considering a proposal from real estate developers to set up SRZs outside the main cities. These SRZs are also proposed to be given tax benefits on the lines of SEZs. Developers say SRZs would help them build and ...
Noida SEZ has no Room for New Units
2008-04-18 05:09:00 Noida, which has become the hub of export units, has lately attracted such a large number of units that Noida Special Export Zone (NSEZ) has no more room to accommodate new units aspiring to set up shop in NSEZ. This has happened for the first time in last 23 years. Set up in 1985, Noida Export ...
Indus to Buy Rs 206 Crore Equity in Uppal SEZS
2008-04-14 07:48:00 US-based hedge fund Indus Capital Partners is investing Rs 206 crore for equity stake in the two special economic Zones (SEZs) of Delhi-based real estate developer Uppal Group. ?Indus Capital is buying a 25% stake in our Noida SEZ for Rs 100 crore and 50% in Greater Noida SEZ for Rs 106 crore,? Uppal Group ...
Singapore?s Ascendas fund in $290 mln India JV
2008-04-10 07:33:00 Singapore-based industrial property developer Ascendas said on Wednesday that its private property fund Ascendas India Development Trust has entered a joint venture to develop a $290 million project. The 50-50 joint venture with India real estate fund IREO will develop an IT Special Economic Zone and a mixed-use development totaling 53 acres in Coimbatore in the ...
Rahejas Challenge Goa Government?s Order to Scrap SEZ
2008-03-29 04:52:00 Real estate major K Raheja has challenged the Goa government?s decision to scrap the approved SEZ before the Bombay High Court. ?We have already made it clear that our SEZ was non-polluting and as such has no reason for the government to stop it. We have invested a lot of money on the project,? said ...
Genpact India?s Orissa SEZ proposal rejected
2008-03-29 04:47:00 The much-awaited SEZ proposal by the IT giant Genpact India for setting up a Special Economic Zone (SEZ) here was rejected by the Centre recently. This was revealed by Orissa’s Industries Minister Biswabhusan Harichandan today while replying a written question of BJP member Mohan Charan Majhi. The minister said that Genpact India had proposed to set up ...
Mangalore Special Economic Zone sells over 82 acres to ISPRL
2008-03-26 05:19:00 The Mangalore Special Economic Zone Limited (MSEZL), which acquired 1,800 acres of land through the Karnataka Industrial Area Development Board (KIADB) in Mangalore taluk, has sold a portion of the land to a public sector crude oil reserve for a whopping sum of Rs 50 lakh an acre. The MSEZL, which is the special purposes vehicle ...
Farmers confused as to Land acquisitions for the Jhajjar SEZ
2008-03-24 05:03:00 Kishan Kumar was a happy man a year ago, having pocketed more than Rs 4 crore from selling nearly 20 acres of fertile land to Reliance Industries Ltd for its 12,355-acre Special Economic Zone (SEZ) in Jhajjar and Gurgaon districts of Haryana. Today, he is one of the many landowners in the area who look back ...
Gujarat set to be the biggest gainer as SEZs gather Steam
2008-03-21 06:55:00 Gujarat is set to claim more than one-third of the country?s total value of exports from special economics zones (SEZ) in 2008-09 as more companies, including Reliance Infrastructure Ltd, prepare to start full-fledged operations from these regions during the year. Exports from Gujarat?s special economic zones are projected to be worth Rs35,000 crore in fiscal 2009, ...
Reliance (ADAG) Group may tie up with Indiabulls for Raigad SEZ
2008-03-19 10:37:00 Anil Dhirubhai Ambani Group (ADAG) company Reliance Energy Ltd. (REL) is reportedly forming a 50:50 joint venture (JV) with Indiabulls Real Estate Ltd. to develop the 6,000-acre multi-product special economic zone (SEZ) in Maharashtra’s Raigad district. This move is part of REL’s plan to diversify into real estate and infrastructure development businesses, says a financial daily. ...
Pune to lead in IT/ITeS Commercial Space
2008-03-18 03:35:00 Pune?s skyline is set for a big change, thanks to the commercial space being developed for the IT/ITeS sector. By 2010 an estimated 100 million sq ft of IT/ ITeS specific commercial space is expected to come up in seven cities through Special Economic Zones alone in India. Pune leads this list with 23 per ...
Government has no Plans to Amend the SEZ Act
2008-03-13 09:07:00 Despite mounting pressure from the Left allies, government on Wednesday made it clear that it has no plans to amend the Special Economic Zone Act saying it is ‘working well’. Replying to supplementary to a host of questions on SEZs in Rajya Sabha, Commerce and Industry Minister Kamal Nath said special economic zones have become ...
CAG Report Reveals a Rs. 2,000-Crore Revenue Leakage in SEZ Units
2008-03-13 08:34:00 With units in special economic zones (SEZs) permitted to treat their domestic sales as export earnings, the government had to forgo revenue amounting to nearly Rs. 2,000 crore, the Comptroller and Auditor-General of India (CAG) has revealed. Making a case for an amendment to the SEZ Act, the CAG, in its report presented to Parliament on ...
Special Economic Zones (SEZs)
2008-02-04 16:40:00 Special Economic Zones (SEZs) were conceived as delimited areas with high quality infrastructure and efficient administrative governance. However, the spotlight has thus far been on the cost of the various tax benefits and the implications of land acquisition. While important and emotive, focusing solely on them neglects the credibility of the promised offsetting benefits. Before notifying an SEZ, the Central Board of Approvals, i.e. the Commerce Secretary, 16 other officers of the central government and a nominee of the state government, scrutinizes the application. According to these applications, SEZs are expected to generate 2.1 million direct and 2.9 million indirect jobs. These have been widely quoted by the Commerce Ministry in support of SEZs. Are these commitments credible? At the outset, while data on name, location, area and type is available for all SEZs, availability of other data mandated in the SEZ application, varies widely. The most data available is for dir...
By: India Blog
Special Economic Zones (SEZs) - Engines for Growth
2007-12-20 01:26:00 SEZ scheme assists Indian companies to overcome various disadvantages and cost2 Vote(s)
By: Market Buzz
Hirco to Invest $198 mn in Mumbai Township
2007-10-26 12:11:00 Indian property developer Hirco put $198.1 million in a 280-acre mixed Township development project in proximity to Mumbai. The Panvel Residential Township, which comprises 18.3 million square feet of planned residential and retail space, is situated near the planned second Mumbai International Airport. The project is very close to Mumbai?s Central Business District. The Township is designed ...
DLF bids highest for Tidel-II
2007-09-25 11:32:00 DLF Ltd, India?s largest real estate development company, has emerged as the highest bidder for establishing the Tidel-II, the second IT/ITes SEZ in Chennai. DLF made a bid of Rs 26.07 crore an acre for the 26-acre property at Taramani and take the total bid amount to Rs 660 crore in the closed bids called by ...
Special Economic Zones (SEZs) Policy of India
2007-09-22 14:33:00 The Special Economic Zones (SEZs) are one of the best tools to build a development oriented infrastructure base as well as a method of export enhancements. The same did miracles for the China and it has become a business hub due to its advance, modern and appropriate infrastructural facilities. India also seems to be following ...
Commerce Ministry Frames New Guidelines for SEZs
2007-09-11 09:13:00 The Commerce & Industry Ministry has released a new set of guidelines for the state government to follow a single window clearance system for special economic zone (SEZ) units and builders. The SEZ Act and rules released earlier promised a mechanism of single window clearance for developers and units. However, it could not be executed at ...
Gujarat Leads National Chart in Terms of Area Occupied by SEZs
2007-09-04 10:35:00 Finally, Gujarat has emerged as the leading SEZ state. Thanks to prohibitive investments in the segment. Around 15,000 hectares of the state land is to be utilized for the development of these duty free enclaves. Gujarat leads the national chart on the back of same fact in terms of geographical area occupied by SEZs. The ...
SEZ-Undue Emphasis On IT
2007-09-01 11:39:00 Special Economic Zones (SEZs) have been a subject of hot debate in India for quite a lot of time now. Some call it a potential trigger to the economic growth story of India while some call it the source of mass conflicts; Nandigram as a stark example. Well, social theories apart, we can?t really say that ...
Gurgaon on Track to become a Major SEZ HUB
2007-08-29 11:56:00 With 52 Special Economic Zones to come up in Gurgaon, this cyber town is all set to become a major SEZ hub. Around 34% of the agricultural land in Gurgaon will be utilized by these duty free enclaves which boast to generate a huge plethora of job opportunities. Not all of these SEZs will ...
?Goa SEZs? Hang in Limbo
2007-08-12 08:36:00 With an expected proliferation of IT companies in Goa, the state authority has sought permission to set up 15 Special Economic Zones (SEZs). Of this, the Centre has given a nod for seven of them. Although, Goa has got the approval but still has to decide on the procedure of acquiring land. Land is a factor ...
Trikona Cap Takes 33% Stake in Uppal?s 67.5-acre Haryana SEZ
2007-07-27 09:11:00 Real estate fund Trikona Capital has acquired 33% stake in real estate company Uppal?s Group?s Haryana SEZ for around $50 million. SEZ is owned by a special purpose vehicle (SPV), in which the remaining stake has been acquired by Uppal?s Group. The proposed SEZ has got the approval from Board of Approvals (BoA) and will come up ...
DLF to Develop Rs 850 Cr IT SEZ in Gujarat
2007-07-27 07:52:00 Real estate giant DLF has recently announced to develop a Rs 850 crore SEZ in Gujarat. The project will come up over 25 acres at Gandhinagar opposite Infocity. The company has also unveiled its plans to carry out several other projects in the Gujarat and to put the state among the group?s top 5 investment destinations ...
DLF to Buy Gurgaon SEZ Land at Market Rates
2007-07-25 10:20:00 Staying in step with what the Haryana Government has asked, India’s top real estate company, DLF Ltd. will offer existing market rates to farmers to buy land for its upcoming multi product SEZ in Gurgaon. This would increase the company?s investment in buying the land. The market price in the areas allotted for the DLF SEZ ...
Tata Gets Nod For Gopalpur SEZ, RIL Is Still In Queue
2007-06-01 09:30:00 The Tata Group after waiting for long finally has got a nod for its Special Economic Zone (SEZ) in Gopalpur but the Mukesh Ambani group promoted Navi Mumbai SEZ is still in limbo and waiting for government agencies to raise fresh concerns over the duty free enclave. The Board of Approvals (BoA) for SEZs has again ...
Anil Ambani?s SEZ Hits a Roadblock
2007-05-25 12:58:00 The proposed 1,200 acre Special Economic Zone, promoted by Anil Ambani Group, has fallen into limbo due to the current political tug-of-war in Lucknow. The project was scheduled to come up in Noida. The Uttar Pradesh Cabinet, chaired by new CM Mayawati, on Thursday put hurdles into the ongoing work of the project. The Cabinet decided ... |
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