 "HCL Tech gets govt's nod to set up SEZ for Rs 4 bn in Andhra Pradesh")
The commerce ministry has approved a proposal of HCL Technologies to set up a new IT special economic zone (SEZ) in Vijayawada, Andhra Pradesh, with a proposed investment of Rs 4 bn.
The company's proposal was considered by an inter-ministerial Board of Approval, headed by Commerce Secretary Rita Teaotia, at its meeting on June 19.
"The board after deliberations, approved the proposal for setting up of the SEZ over an area of 10.43 hectares," according to minutes of the meeting.
The board also approved the cancellation of formal approval given to Infrastructure as the developer has not made any significant progress on the the project.
The company was developing an IT special economic zone in Noida.
SEZs are developed as export hubs and they contribute about 25 per cent in the country's total exports.
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Units and developers of these zones enjoy tax and non-fiscal benefits besides clearance from a single window mechanism.
There are 223 operational SEZs with 5,146 units from various sectors such as IT, pharma, textile, food processing, leather, biotechnology and diamond polishing.
Most of these zones are operational in states, including Tamil Nadu, Telangana, Karnataka and Maharashtra.
The ministry has recently constituted a group, headed by Bharat Forge Chairman Baba Kalyani, to study the SEZ policy.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)