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Videocon SEZ gets in-principal approval


After Reliance Industries’ planned SEZ faced lots of resistance from villagers, another business conglomerate Videocon Industries has received in-principal approval from government to set up an Electronics Hardware and Software SEZ in New Mumbai.

The Board of Approval (BOA) in the Commerce Ministry has also given its formal approval for Infoparks, an IT/ITES SEZ located at Ernakulam in Kerala.
Another proposal from Coastal Ferrotech Limited to set up a steel SEZ at Haldia in West Bengal has received in-principal approval.
Till now, the BOA has granted 575 formal approvals for setting up of SEZs out of which 358 have been notified. The Board informed that over Rs1,48,489 crore have been invested in the SEZs during this short span of time which generated direct employment for 5,03,611 persons. During the financial year 2009-10, total exports of Rs2,20,711 crore has been made from SEZs.
Among other items, two proposals for grant of co-developer status were approved to L&T Phoenix Infoparks Pvt. Ltd. with Phoenix Techno City Private Limited as co-developer at Gachibowli village in Andhra Pradesh.
The other approval was for Indiabulls Industrial Infrastructure Limited, Multi product at villages Musalgaon and Gulvanch, Nasik, Maharashtra with Indiabulls Water Supply and Waste Management Service Limited as a co-developer.

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May 2020
11 May 2020