Adani Seeks Partial De-Notification of Mundra SEZ; Ministry to Review
ECONOMY & POLICY

Adani Seeks Partial De-Notification of Mundra SEZ; Ministry to Review

Adani Ports & Special Economic Zone Ltd (APSEZ) has approached the central government, seeking the partial de-notification of 333.74 hectares out of its 8,282.77-hectare multi-product SEZ at Mundra, Gujarat. The proposal will be reviewed by the Board of Approval (BoA), the apex body for SEZs, chaired by Commerce Secretary Sunil Barthwal, during a meeting.

According to the meeting agenda, the request stems from challenges faced by units in the Electronics Manufacturing Cluster (EMC) within the SEZ, primarily due to intense competition in the solar market and large-scale dumping of solar equipment into India. These factors have rendered operations in the EMC economically unviable.

Mundra Solar Technopark, a co-developer, has requested the de-notification of the EMC area on an 'as-is-where-is' basis, citing the need for units to exit the SEZ format to remain viable. Gujarat state authorities have raised no objections to the proposal and have urged the application to be processed. The development commissioner of APSEZ has also supported the request.

As per SEZ Rules, 2006, the central government, upon the BoA’s recommendation, can modify or withdraw SEZ notifications if satisfied with the developer's application.

The BoA will also consider an extension request from Mundra Petrochem Ltd, APSEZ, for its Letter of Approval (LOA), originally issued in December 2021. The extension is sought due to delays caused by the COVID-19 pandemic. The project, which was rescheduled, is now reportedly progressing at full capacity.

SEZs, significant contributors to India's export economy, accounted for over one-third of the country's total exports in the previous fiscal year. Of the 423 approved SEZs in the country, 280 are operational, hosting 5,711 approved units. These zones operate as export hubs, treated as foreign territories for trade and customs purposes, with restrictions on duty-free sales within the domestic market.

(ET)
           

Adani Ports & Special Economic Zone Ltd (APSEZ) has approached the central government, seeking the partial de-notification of 333.74 hectares out of its 8,282.77-hectare multi-product SEZ at Mundra, Gujarat. The proposal will be reviewed by the Board of Approval (BoA), the apex body for SEZs, chaired by Commerce Secretary Sunil Barthwal, during a meeting.According to the meeting agenda, the request stems from challenges faced by units in the Electronics Manufacturing Cluster (EMC) within the SEZ, primarily due to intense competition in the solar market and large-scale dumping of solar equipment into India. These factors have rendered operations in the EMC economically unviable.Mundra Solar Technopark, a co-developer, has requested the de-notification of the EMC area on an 'as-is-where-is' basis, citing the need for units to exit the SEZ format to remain viable. Gujarat state authorities have raised no objections to the proposal and have urged the application to be processed. The development commissioner of APSEZ has also supported the request.As per SEZ Rules, 2006, the central government, upon the BoA’s recommendation, can modify or withdraw SEZ notifications if satisfied with the developer's application.The BoA will also consider an extension request from Mundra Petrochem Ltd, APSEZ, for its Letter of Approval (LOA), originally issued in December 2021. The extension is sought due to delays caused by the COVID-19 pandemic. The project, which was rescheduled, is now reportedly progressing at full capacity.SEZs, significant contributors to India's export economy, accounted for over one-third of the country's total exports in the previous fiscal year. Of the 423 approved SEZs in the country, 280 are operational, hosting 5,711 approved units. These zones operate as export hubs, treated as foreign territories for trade and customs purposes, with restrictions on duty-free sales within the domestic market.(ET)           

Next Story
Real Estate

Real Estate Booms in Emerging Cities

India's rapid infrastructure expansion is unlocking real estate potential in 30 emerging cities, with land prices projected to grow up to 5.2 times by 2035, according to a report by Colliers. The transformation is driven by the development of key expressways, positioning cities like Nagpur, Jaipur, and Lucknow as rising investment hubs. Nagpur tops the list of emerging cities, bolstered by the 701-km Samruddhi Mahamarg Expressway, which has significantly enhanced connectivity and growth prospects. Jaipur and Lucknow follow closely, with burgeoning micro-markets such as Ajmer Road and Raebarel..

Next Story
Products

Smart Lockers Debut on Delhi-Meerut RRTS

The National Capital Region Transport Corporation (NCRTC) has launched smart lockers at Sahibabad and Ghaziabad stations along the Regional Rapid Transit System (RRTS) corridor, providing passengers with secure storage for luggage and e-commerce parcels. The initiative will be extended across all stations on the corridor in the future. The RRTS, a high-speed rail project spanning 82 kilometers, connects Delhi, Ghaziabad, and Meerut, offering faster and more convenient commutes. Currently, trains operate on a 55-kilometer stretch, covering two stations in Delhi, eight in Ghaziabad, and one in ..

Next Story
Infrastructure Urban

JK Tyre Secures $100M Sustainability-Linked Loan

India’s tyre industry has achieved a significant milestone as JK Tyre secured a $100 million Sustainability-Linked Loan (SLL) from the International Finance Corporation (IFC). The first deal of its kind in the sector will drive the company’s growth plans and strengthen its sustainability initiatives. Boosting Production Capacity The loan allocates $30 million to JK Tyre & Industries Ltd and $70 million to its subsidiary, Cavendish Industries Ltd (CIL). The funds will enhance production at JK Tyre’s Banmore plant in Madhya Pradesh, focusing on Passenger Car Radial (PCR) tyres, and CILâ€..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000