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The Government on Friday permitted Parsvnath SEZ Ltd to withdraw its six SEZ projects in five states.
As reasons for withdrawing these projects, the developer in its application had cited economic slowdown, imposition of 18.5 per cent Minimum Alternate Tax on SEZ developers and units as well as the Direct Taxes Code proposing to withdraw profit-linked deductions for SEZs.
Official sources told Business Line that the Board of Approval for Special Economic Zones (SEZ) chaired by the Commerce Secretary Mr Rahul Khullar also gave more time to 45 developers to complete their projects. The developers include Navi Mumbai SEZ Pvt Ltd, Foxconn India, Electronic Corporation of Tamil Nadu, Raheja, Deccan Infrastructure and Land Holdings and GP Realtors.
Parsvanath Group had earlier received in-principle approval for the six sector-specific SEZs that it now wants to withdraw. They include: 100 hectare-leather SEZ in Agra, 100 hectare-handicrafts SEZ at Moradabad in Uttar Pradesh, 45 hectare-gems and jewellery SEZ in Jaipur, 100 hectare-food processing SEZ at Kundli in Haryana, 100 hectare-automotive and auto component SEZ in Pune and 1000 hectare multi-product SEZ at Kancheepuram in Tamil Nadu. In-principle approval is given to feasible projects requiring acquisition of land later.
SEZ EXPORTS UP
Meanwhile, Export Promotion Council for EOUs and SEZs (EPCES) said in a statement that SEZ exports were up 23.12 per cent during first quarter of 2011-12 over the corresponding period of 2010-11.
Mr Jatin R Mehta, Chairman, EPCES said SEZ exports during April-June 2011 were Rs 72,255.49 crore, registering a 23.12 per cent growth over the same period last fiscal. He said that as on June 30, 2011 the total investments in SEZs were Rs 2,12,914.36 crore and the total employment in SEZs was 7,14,412 persons.
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