Business Daily from THE HINDU group of publications
Saturday, Apr 28, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Apr 28, 2007 ePaper |
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Corporate
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New Projects Industry & Economy - Steel
Ambarish Mukherjee
New Delhi April 27 Public sector steel manufacturer Steel Authority of India Ltd (SAIL) is planning to set up an SEZ in the extra land adjacent to the company's stainless steel plant at Salem in Tamil Nadu, company sources told Business Line. The company intends to make an application for this to the Ministry of Commerce sometime next month. The other public sector steel manufacturer Rashtriya Ispat Nigam Ltd (RINL) has already filed its application with the Commerce Ministry to set up an SEZ in Visakhapatnam. "A feasibility study was undertaken and the project report is being prepared now. We would be formally applying to the Commerce Ministry next month seeking permission for setting up the SEZ for stainless steel products," company officials said. According to SAIL officials, there could be fourfold benefit from the proposed SEZ. "We can set up an utensil manufacturing shop particularly because Salem Steel already has a good brand value in this segment that could be extended further. We can also export from there and make use of certain tax benefits. Renting out space to other user industries and setting up a warehouse within the SEZ could be another option. The other units in the zone could source material from the warehouse and could avail themselves of tax benefits," officials said. SAIL authorities feel that controversies surrounding various SEZ projects coming up across the country would not affect the company's plans and hope to get a formal clearance without much difficulty. "We are hopeful that the proposal to set up an SEZ at Salem would not lead to any controversies since it is being proposed on land which is already owned by the company and there is no plan to acquire extra land ," the officials said.
More Stories on : New Projects | Steel | Steel Authority of India Ltd
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