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Industry Overview

Greenko Group moots “Energy & Oil City”

Greenko Group an independent power producer has mooted a “Energy & Oil City” in Ganjam district in Southern Orissa with an investment of Rs. 150,000 million. The mega city will have a ship building unit and a port, a 1000 MW gas based power project, a desalination plant, a petrochemical complex, a township to accommodate 10,000 people. Ganjam district is an ideal location for the Oil city as it lies between Krishna Godavari basin and Mahanadi basin

DTC Code prohibits tax holidays

SEZ Investors are nervous as the change in regime of withdrawing tax holidays from April 2011 made them worried. Several representations are made to government. So far, Rs.1,05,000 crore have been invested in SEZ against just Rs.4000 crore of investment in SEZ in 2005. Now, there is a danger of economic activity moving to other countries. Further the banks have also has an exposure to the tune of Rs.30,000 crore which may turn into NPA’s if these are enforced. It may be noted, SEZ tax concessions are always against the canons of tax equity and fiscal policies do move away from theories in developing countries like India. We have to wait and watch for the monsoon session for the introduction of Direct Tax Code II.

MEPZ says no to IT companies

MEPZ, an export processing zone set up in 1984 by the government and later converted to SEZ in 2003 has shut doors to IT companies. Since land is cheaper here, many IT firms are keen to set up shop here. This move is taken to avoid IT firms which are taking up space meant for manufacturing facilities. Further, MEPZ is planning to have incubation centre at 2500 sq.ft for startup manufacturing facilities.

New Approvals for SEZ in Navi Mumbai, Haldia and Ernakulam

Board of Approval under the Ministry of Commerce has given approval for Videocon Industries Electronics Park SEZ in Navi Mumbai coming up in over 100 hectares. Further, it has also approved Coastal Ferrotech Ltd SEZ in Haldia and InfoPark SEZ in Ernakulam. It has also gave extension to other 24 SEZs which includes GMR ‘s Hyderabad SEZ, Unitech Kochi SEZ etc.,

Board of Approval of SEZ approves 6 new SEZ

The Board of Approval Committee which met on 8th June 2010 had approved 6 new SEZs. It has given in-principle approval of nulti-product SEZ in Kutch to be developed by Sealand Ports with an investment of Rs. 7280 million. Among others are Kozhikode IT SEZ (Kerala State Information Technology Infrastructure Ltd) with an investment of Rs. 5000 million, Mysore IT SEZ from Larsen & Toubro with an investment of Rs. 6150 million. Apart from this, Free Trading Warehousing Zone by Avash Logistic Park Pvt Ltd in Kutch has also received approval.

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