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Uttam Galva Steel Ltd, the country's second largest galvanized steel manufacturer, has approached the government to surrender its two special economic zones (SEZs) in Maharashtra.
The company's request will be considered by the 19-member Board of Approval chaired by Commerce Secretary S R Rao, in its meeting on August 30. The developer had planned two SEZs for IT/ITES in Raigad, Maharashtra. The zones were notified on March 12, 2009 and June 19, 2009.
For both the de-notifications, the developer has cited the reason of "general recession in biotechnology sector and local disadvantage," an official in the commerce ministry said. SEZs, which were once looked upon as major vehicles for investment and export promotion, started losing sheen after the global meltdown and imposition of minimum alternate tax (MAT) and dividend distribution tax (DDT).
