BoA clears 4 ha mega SEZ projects

The Board of Approval (BoA), headed by Commerce Secretary, Rita Teaotia, at its recent meeting cleared an IT/ITeSEZ Special Economic Zone project in Bengaluru, which is stretching across over 4 hectares. The decision was taken by an inter-ministerial meeting whereby the Board noted that the developer is in possession of the land. Apart from this, the Board also granted more time to as many as 20 developers to complete their projects. Those managed to get additional time include Mayar Infrastructure Development for a biotechnology SEZ in Haryana, Wipro for IT SEZ in Karnataka, and Vedanta for its sector-specific SEZ for manufacturing and exports of aluminum in Odisha. Furthermore, it has approved application of Unitech Realty Project for change of name of the developer to Candor Gurgaon into One Developers and Projects and also change in shareholding pattern of the company. But the approval is subject to certain conditions such as seamless continuity of SEZ activity with unilateral responsibilities and obligations for the altered developer entity, and full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc., shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional authority, BoA said in an official statement.