New Delhi: India’s top 9 special economic zone developers including TCS, Parsvnath Infra and Navi Mumbai SEZ have asked more time from the Government for implementing their projects. The Govt will meet the developers on 8th of November to discuss their plans are to work things out.
The developers are citing the global slowdown and fluctuating market conditions for the delay. TCS, which is setting up IT zones in Kolkata has requested for more time to finish the project. Unitech Infracon , which is setting up IT zone in Greater Noida has also requested for further extension.
The developers have asked for one more year to execute their SEZs as the time periods for them are expired or on the verge of expiry.
The Govt will take up two applications for setting up new zones in the country. Under the SEZ act, the units get 100 pc tax freedoms on profits for the first five years, 50 pc for the next five and another 50pc on re-investment.
SEZ have lost their sheen after the slowdown which were once major investment projects.
Posco-India Pvt Ltd and Lodha Dwellers have also requested additional time for project implementation from the Govt.