The Posco-India, Unitech and Lodha developers have all pleaded for more time to execute their Special Economic Zone (SEZ) projects in recent past. The developers had cited reasons like global meltdown and unstable market condition for delay in the completion of the projects.

Tata got one-year extension for its ITES in Kolkata. On the other hand, Parsvnath Infra got six more months extension for bio-tech SEZ in Andhra to complete its project.

The Board after deliberations extended the validity of the formal approval for Parsvnath up to six months from 8th November, 2013 i.E till 8th May, 2014 said the Posco-India too gets one more year time to complete its projects.

The board also nodded two proposals – Kerala State IT Infrastructure Ltd and Transcendent Developers – for setting up of IT zones in the country.

SEZs, which were once major vehicles for investment and export elevation, started losing sheen after the global meltdown and imposition of minimum alternate tax.

However, the government is taking major steps to recover interest of investors in SEZs

Recently, it had unveiled a package of reforms including easing of land norms to revive investments in SEZs.