ManagementGovt to mull 10 SEZ withdrawal proposals on Nov 5
As many as 10 SEZ promoters have approached the Commerce Ministry to pull out from approved projects as they find the going tough due to the slump in demand for commercial space.
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Their plea would be considered by the Board of Approval (BoA) on November 5.
The BoA would also take up the application of Mukesh Ambani-promoted Mumbai SEZ seeking a third extension for validity of its principal approval in 2006.
The meeting was earlier scheduled for October 5. But it was postponed because of undisclosed reasons.
The SEZ projects from which promoters want to pull out included development of lakhs of square feet of commercial space in different states, mostly in Maharashtra, Tamil Nadu and Punjab.
Promoters who want to pull out of projects include Gremach Infrastructure Equipments for its proposed project at Kolhapur, ETL Infrastructure Services" project at Kancheepuram in Tamil Nadu and Maharashtra Industrial Development Corporation.
Besides, BoA would also take up two fresh SEZ proposals, including one from Larsen and Toubro.
Due to the global recession demand for commercial space saw huge erosion. A total of 579 SEZs have been approved and 335 of them have been notified.
The SEZs have attracted an investment of over Rs 1.10 lakh crore and exports from the units were valued at around Rs 1,00,000 crore in 2008-09.