Alok Ind gets nod for textile SEZ

Mumbai: Alok Industries Ltd has been granted approval for 183-acre textile SEZ at Surgani in Silvassa.

Alok Infrastructure Pvt Ltd, a wholly owned subsidiary of the company, will develop, operate and maintain the SEZ.

The formal approval was granted by the Ministry of Commerce & Industry, Department of Commerce (SEZ Section), vide their letter dated December 5, company announcement on BSE read.

About 20-25 per cent of the SEZ land will be utilised by the company itself for setting up of garment and made up units, a company official said.

There is a complete tax benefit in for the first five years thereafter for the next five years only 50 per cent of the income is taxed and then onwards only 33 per cent of the income is taxed, he informed.

The company then plans to rent out or sell the units developed in the SEZ.

The rentals would be around Rs 20-25 per sq foot while sale would fetch the company about Rs 12-15 crore per acre, the official said.

Land value


Currently, the value of land in the SEZ would be only about Rs 6 crore per acre before development.

The SEZ is expected to be notified in a month and a half after which the work will begin in March-April next year.