8 SEZ developers, units seek more time to implement projects

NEW DELHI: Eight special economic zone (SEZ) developers and units, including Gulf Oil Corporation and Lanco Solar have sought more time from the government for implementing their projects.

All these requests will be considered by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, on June 16.

The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters.

Gulf Oil Corporation wants further extension of the validity period of formal approval granted for setting of IT/ITeS/electronic hardware SEZ in Karnataka, beyond June 17, the agenda of the BoA meeting said.

Similarly, Lanco Solar Pvt Ltd has sought more time for its unit in Chhattisgarh.

The other players that have sought more time include HBS Pharma, Venkatesh Coke and Power, APPL Industries, BEML Ltd and Dr Reddy's Laboratories.

Further, the board will also consider the request of Adani LPG Terminal for co-developer status in the multi-product SEZ At Mundra, being developed by Adani Port and SEZ Ltd.

SEZs are important export hubs of the country, which contribute over 20 per cent in the country's total shipments.

In the last three years till February 2016), the Board of Approval has granted more time to as many as 132 developers of SEZs across the country to complete projects.

In the last meeting of the BoA, as many as 20 developers got more time to implement their projects.

Exports from such zones in 2014-15 stood at Rs 4,63,770 crore as compared to Rs 4,94,077 crore in the previous fiscal.

Exports from special economic zones have declined 1.89 per cent year-on-year to Rs 3.41 lakh crore in April-December 2015-16.