Ambani's Navi Mumbai SEZ to have 7 co-developers
Mukesh Ambani-promoted Navi Mumbai special economic zone has sought government approval to include seven co-developers for building infrastructure such as water and power supply system.
By PTI |
NEW DELHI: Mukesh Ambani-promoted Navi Mumbai special economic zone has sought government approval to include seven co-developers for building infrastructure such as water and power supply system.
These seven companies plan to invest about Rs 6,000 crore in setting up power plants, creating transmission and distribution network, laying communication lines, providing water supply and sewage treatment, building industrial parks, schools, commercial and residential complex, and establishing Internet and related services, official sources said.
The move could be aimed at getting tax benefits. The government had said in the last budget tax benefits enjoyed by SEZs will be limited only to developers, co-developers and the units operating inside the zones. Civil contractors laying the basic infrastructure were kept out of the tax sops.
The Board of Approval for SEZs, headed by Commerce Secretary G K Pillai, will take up the proposal from these firms to join the Navi Mumbai SEZ as co-developers at its next meeting on September 18, the sources said.
The government had in July this year granted a formal approval to the multi-product SEZ with Ambani and his aide Anand Jain as the main promoters. Jain-promoted Jai Corp is a shareholder in all seven companies proposed as co-developers.
Besides the Navi Mumbai zone, the Board will consider application of Unitech Haryana SEZ Ltd for extension of validity period of in-principle approval for the mlti product SEZ at Sonipat-Kundli in Haryana. Sources said the promoters are facing problems in respect of land acquisition pending finalisation of the Rehabilitation Resettlement policy.
These seven companies plan to invest about Rs 6,000 crore in setting up power plants, creating transmission and distribution network, laying communication lines, providing water supply and sewage treatment, building industrial parks, schools, commercial and residential complex, and establishing Internet and related services, official sources said.
The move could be aimed at getting tax benefits. The government had said in the last budget tax benefits enjoyed by SEZs will be limited only to developers, co-developers and the units operating inside the zones. Civil contractors laying the basic infrastructure were kept out of the tax sops.
The Board of Approval for SEZs, headed by Commerce Secretary G K Pillai, will take up the proposal from these firms to join the Navi Mumbai SEZ as co-developers at its next meeting on September 18, the sources said.
The government had in July this year granted a formal approval to the multi-product SEZ with Ambani and his aide Anand Jain as the main promoters. Jain-promoted Jai Corp is a shareholder in all seven companies proposed as co-developers.
Besides the Navi Mumbai zone, the Board will consider application of Unitech Haryana SEZ Ltd for extension of validity period of in-principle approval for the mlti product SEZ at Sonipat-Kundli in Haryana. Sources said the promoters are facing problems in respect of land acquisition pending finalisation of the Rehabilitation Resettlement policy.
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