SEZ Developers Seek More Time to Complete Projects.

Private companies seeking to set up facilities in various SEZs (special economic zones) have sought more time for completion of projects.

Many projects had sought extensions but are now reportedly seeking additional time to complete projects. Some of the companies include pharmaceutical giants, Dr Reddy's Laboratories, IT exporter Tata Consultancy Services and Vedanta Aluminium among others, it was reported.

'The developer has requested for further extension by one more year. Development Commissioner (DC) has recommended the proposal for extension for one year, considering the advanced status of the project and steps taken by the developer,' agencies quoted from the agenda of the Board of Approval. The requests will be considered by the Union Commerce Secretary Rajeev Kher on March 10, 2014.

There are 577 SEZs approved in various parts of the country of which 173 are operational, it was reported. The operational SEZs are said to account for 25% of the country's exports and the overseas shipments from these zones are in excess of Rs. 5.5 lakh crore, it was reported.


THE NEW INDIAN EXPRESS