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Government clears way for five new SEZs

PTI | New Delhi |

The government has approved five proposals, including those of Oracle India and L&T Construction Equipment, for setting up IT special economic zones (SEZs).

These SEZs were given approval by the Board of Approval (BoA), chaired by Commerce Secretary Rita Teaotia, at its meeting on March 8.

Oracle India has proposed to set up IT and ITeS zone in Karnataka. L&T Construction Equipment has planned two similar zones in the state, too, according to the minutes of the meeting.

Modern Asset and Modern Asset (Phase II) received the BoA approval for their IT zone in Karnataka as well.

Further, the BoA has given more time to as many as 10 SEZ developers and units to implement their projects.

The Kandla Port Trust, developer of multi product SEZ at Kandla, in Gujarat got one year extra window till May 6, 2018, to execute its project.

The others that got additional time include Golden Tower Infratech, Brookefield Real Estate and Projects and SEZ Biotec Services.

During April-September, exports from these zones stood at Rs.2.21 lakh crore as against Rs 4.63 lakh crore in 2014-15.

Nearly 500 proposals for SEZs have been formally approved by the government, of which over 200 are operational.