SEZ developers receive 30 days notice
SEZ developers receive 30 days notice Fifty special economic zone (SEZ) developers have received final 30 days notice from the union commerce ministry, reports Economic Times.
These SEZ developers, that have already received fo rmal approvals from the board of approvals (BoA) , have not yet applied for SEZ notification along with their land transfer agreements.
It is learnt that if these SEZs developers are deaf to the notice, then the ministry may cancel their applications.
For a project to get a SEZ status, a developer has to pass through three stages. In the first step, the state recommends the project and submits an application to BoA for considering it as an SEZ. The BoA gives in-principle approval to the project. In the second step, the SEZ developer seeks a formal approval from BoA after receiving land for the project. Finally, for getting the SEZ notification, the SEZ developer will have to submit several documents including the land agreements.
The usual practice is that formal approval is given to SEZ, when the state government informs that land has been acquired for the project. It is learnt that Maharashtra Industrial Development Corporation (MIDC) has proposed five sector-specific SEZs to develop that are located at Baramati (Pune), Lote Parshuram (Ratnagiri), Kagal (Kolhapur), and Jalna and Bhadravati (Chandrapur). The land requirement for the SEZs is 700 hectares.
According to MIDC, it has not yet received any letter from BoA,after which it will approach BoA for extension.
On the contrary, BoA claims to have given formal approval and will take steps against these developers.
