RIL applies for de-notifying 40% of its Gujarat SEZ

Tags: News
Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.

RIL's multi product SEZ is spread over 1,764.14 hectares. The company now wants partial de-notification of an area of 728.43 hectares, leaving 1,035.72 hectares of plan for the multi-product SEZ.

Sources said that in the de-notified area RIL plans to invest Rs 45,000 crore in new projects that will cater to domestic demand.

"The developer has applied for partial de-notification so as to implement a number of new projects in the domestic tariff area (DTA) in Jamnagar near the SEZ. The proposed projects will mainly cater to the significant existing domestic demand," the Development

Commissioner (DC) of the zone submitted to the board of approval for SEZs.

An inter-ministerial Board of Approval (BoA), chaired by Commerce Secretary S R Rao will consider RIL's proposal on January 18, sources said.

RIL has stated in the proposal that it plans to invest Rs 45,000 crore in projects in the de-notified area.

A company spokesperson could not be immediately reached for comments.

SEZ houses 580,000 barrels per day or 29 million tons a year oil refinery that exports fuel to far off countries like Venezuela and Mexcio, besides US and Europe. An adjacent 33 million tons older unit cater to the domestic market.

The DC has recommended that the de-notification be allowed subject to refund of all tax benefits the company had availed for operating units in the only-for-export zone.

Billionaire Mukesh Ambani-led firm is investing over $ 12 billion in its core refining and petrochemical industries as output from its eastern offshore KG-D6 fields dips to an all time low of around 22 million standard cubic meters a day.

RIL is investing $ 8 billion, the most since it completed a second oil refinery in 2008, in expansion of its petrochemical business to meet rising demand of plastics and polyester.

Also, it is setting up a $ 4 billion petroleum coke gasification project that will produce synthetic natural gas that will replace expensive LNG as fuel.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture