India govt clears Infosys proposal to set up SEZ in Bengaluru

The Indian government has approved Infosys' proposal to set up an IT/ITeS special economic zone in Bengaluru in an area spread over 4 hectares.

The decision was taken by an inter-ministerial Board of Approval (BoA) at its meeting on April 28, headed by Commerce Secretary Rita Teaotia, .

"The Board noted that the developer is in possession of the land. It decided to grant formal approval to the proposal," the minutes of the BoA meeting said.

The Board also granted more time to as many as 20 developers to complete their projects.

Those that got additional time include Wipro for IT SEZ in Karnataka, Mayar Infrastructure Development for a biotechnology SEZ in Haryana and Vedanta for its sector-specific SEZ for manufacturing and exports of aluminium in Odisha.

Furthermore, it has approved application of Unitech Realty Project for change of name of the developer to Candor Gurgaon One Developers and Projects and also change in shareholding pattern of the company.

But the approval is subject to certain conditions such as seamless continuity of SEZ activity with unilateral responsibilities and obligations for the altered developer entity, and "full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional authority".

SEZs are export hubs that contribute about 23% to the country's total exports.

Exports from such zones in 2014-15 stood at Rs 4,63,770 crore compared with Rs 4,94,077 crore in 2013-14.

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