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SEZ developers get extra time for executing projects

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Special Economic Zone (SEZ) developers have got at least six months extra to execute their projects with the government extending the validity of the formal approval to these units.

At a recent meeting, the board of approval (BoA), headed by commerce secretary SR Rao, gave more time to 14 SEZ developers to execute their projects and also allowed three SEZ developers to surrender their projects. The BoA is a 19-member inter-ministerial body that deals with SEZ-related issues. It has extended the validity of the formal approval to the requests for extensions beyond the fifth years for a period of one year and those beyond sixth year for six months from the date of expiry of the last extension.

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