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Special Economic Zones
Billionaire Gautam Adani's ports-to-energy conglomerate saw June quarter pre-tax profit surge by 33 per cent on back of strong performance by core infrastructure business as also emerging businesses ranging from solar and wind manufacturing to airports. "EBITDA (in April-June) surged by 32.87 per cent year-on-year to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year," the group said in a statement. Group net profit jumped over 50 per cent to Rs 10,279 crore in April-June - the first quarter of the current 2024-25 fiscal year. "The consistently advancing EBITDA is largely driven by the Group's highly stable and resilient 'core infrastructure' platform, which constitutes over 80 per cent of the portfolio EBITDA and saw a remarkable 41.6 per cent growth year-on-year in Q1," it said. The core infrastructure platform comprises flagship Adani Enterprises Ltd's ...
Pakistan and China on Friday vowed to protect the China-Pakistan Economic Corridor (CPEC) from its "detractors and adversaries", as Prime Minister Shehbaz Sharif met his Chinese counterpart Li Qiang and assured Beijing of providing complete security to Chinese personnel working on the USD 65 billion project. Sharif is currently on a visit to China at the invitation of President Xi Jinping, seeking to upgrade cooperation under the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a key part of Beijing's Belt and Road Initiative. In a statement, the Pakistan Prime Minister's Office said during the meeting, the two sides discussed the significance of Gwadar as an important pillar of the CPEC and agreed to expedite the timely completion of all related infrastructure projects to transform Gwadar in Balochistan province into a regional economic hub. "They also expressed their firm commitment to protect CPEC from its detractors and adversaries and to upgrade CPEC in the form of
The government on Friday extended export benefits under the RoDTEP scheme to companies in the special economic zones (SEZs) and export-oriented units (EOUs). The commerce ministry said that amid global economic uncertainties and supply chain disruptions, extending RoDTEP benefits to the uncovered sectors like AA (advance authorisation), EOUs, and SEZ units will help the exporting community in handling the international headwinds. "The government has announced the extension of the RoDTEP scheme support to additional export sectors i.e. Advance Authorisation holders, Export Oriented Units and Special Economic Zones export units," the ministry said. This decision comes in recognition of the significant contribution these sectors make to India's exports, constituting about 25 per cent of the total shipment. The government, in August 2021, announced the rates of tax refunds under the export promotion scheme -- Remission of Duties and Taxes on Exported Products (RoDTEP) -- for 8,555 ...
The commerce ministry has decided to extend export benefits under the RoDTEP scheme for companies in the special economic zones (SEZs) and export oriented units (EOUs). This decision was communicated to the Director General of Foreign Trade (DGFT) on February 16. The DGFT may issue a formal notification soon amending the foreign trade policy on the same. "Post rolling out of ICEGATE (Indian Customs Electronic Data Interchange Gateway) in SEZs, the RoDTEP scheme may also be extended to SEZs," according to an office memorandum of the commerce ministry. The government in August 2021, announced the rates of tax refunds under export promotion scheme -- Remission of Duties and Taxes on Exported Products (RoDTEP), for 8,555 products such as marine goods, yarn and dairy items. As SEZs and EOUs were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on in
The government has relaxed curbs for shifting of used IT hardware goods like laptops and desktops by a company in special economic zones (SEZs) to outside these duty free-enclaves or domestic tariff areas. SEZs are treated as deemed foreign territory for customs laws and bringing goods from these zones into the domestic tariff area (DTA) or domestic market is tantamount to imports. In general, a company from DTA needs a licence for imports of these goods from SEZs. Easing these curbs, Directorate General of Foreign Trade (DGFT) in a notification has said that used IT assets (laptops, desktops, monitors, printers) can be moved from SEZ by a company to DTA without a license for the purposes of further use in their DTA operations "only". However, these equipment should have been used in SEZ units for two years and should not be older than five years from the date of manufacturing. "Import policy of used IT assets (laptops, desktops, monitors, printers) from SEZ to DTA has been ...
Welspun One said on Wednesday said it will develop an industrial and logistics hub at the Jawaharlal Nehru Port's Special Economic Zone with an investment of around Rs 700 crore. This investment is the second deployment from Welspun Ones' latest Fund 2, which is a Rs 2,000-crore Alternative Investment Fund, the company said in a statement. The development of a 1.2-million square feet industrial and logistics hub spread across 55 acres at JNPA SEZ signifies a paradigm shift in India's infrastructure sector, Welspun One said. The total investment of Rs 700 crore includes land as well as construction cost and the project will be financed through a mix of debt and equity, it said. According to the statement, this strategic collaboration is the beginning of a partnership between JNPA (developer) and Welspun One (as co-developer), leveraging synergies to build future-ready industrial and warehousing infrastructure. "We have partnered with Jawaharlal Nehru Port Authority (JNPA) as ...