Govt Approved Emaar MGF's IT-ITeS Zone
The government today approved 22 proposals for special economic zones (SEZs), including those of realtor Emaar MGF Land in Tamil Nadu and Dr Reddy’s Laboratories in Andhra Pradesh. The board of approval in the commerce ministry gave 19 “formal” approvals, while three were given “in-principle” clearances. The board, chaired by commerce secretary G.K. Pillai, considered 38 proposals. IT and IT-enabled services (ITeS) continue to attract maximum investment.Of the proposals cleared today, nine are related to this segment. Other applications to get a green signal include pharmaceutical, paper and paper products zones. Emaar MGF Land will develop an IT-ITeS zone at Coimbatore, and Dr Reddy Laboratories’ SEZ in Andhra Pradesh will come up at Srikakulam. Hindustan Newsprint is promoting an SEZ for pulp and paper in Kerala. The government has so far notified 270 SEZs involving an investment of Rs 83,450 crore. The credit crisis in real estate has severely impacted the pace of SEZ development.
