SEZ panel to meet tomorrow

Tags: SEZ, News
The government is likely to consider tomorrow proposal for withdrawal of IT/ITES SEZ at

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Jalpaiguri in West Bengal as the promoter Videocon group finds changes in the "latest business outlook of the region."

However, the Board of Approval (BoA) in the Commerce Ministry would examine proposal from TCS for setting up a new special economic zone (SEZ) at Indore in Madhya Pradesh.

While Larsen and Toubro has made an application for pulling out of its SEZ project at Coimbatore in Tamil Nadu on economic reasons, the Videocon group has informed the Commerce Ministry that its decision to withdraw out of West Bengal SEZ project was because of the "latest business outlook of the region."

According to the agenda of the BoA meeting, 11 developers including Parsvnath SEZ Ltd and Taneja Aerospace and Aviation Ltd have sought extension of time for execution of their projects.

Even as Chief Minister Mamata Banerjee recently held a meeting in Kolkata with industrialists, several projects relating to steel and power are stuck in West Bengal for different reasons including certain regulatory and land issues.

The SEZs have lost appeal among investors since 2008 because of tough global economic conditions and uncertainty over continuation of the tax incentives to these enclaves.

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