Mumbai SEZ seeks second project extension
The Special Economic Zone promoted by Reliance Industries near Raigad has sought a second extension for its multi-product SEZ project.mumbai Updated: May 26, 2011 01:17 IST
The Special Economic Zone promoted by Reliance Industries near Raigad has sought a second extension for its multi-product SEZ project.
It has placed a request for the same before the Board of Approval (BOA) of the ministry of commerce and industry. The 5,000-hectare SEZ, once termed among the largest in the country, has been in limbo after the state government scrapped the land acquisition notification in February this year.
But the request placed before the Build-Operate-Transfer shows that the developers of the Mumbai SEZ are not keen on calling it quits. The developer has requested for the validity of the approval to be extended for a year, up to August 7, 2012.
Its in-principal approval lapses on August 7, 2011.
The developer has also stated that a total of Rs1,786 crore has been invested in the project including land. The BOA will consider the request for extension along with the requests made by other SEZs in its next meeting slated on May 31.
The agenda of the BOA meeting, referring to the request made by the Mumbai SEZ states, “The developer has requested a second extension, stating it has acquired 1,874 hectares of land, which is not contiguous and needs more time to complete the land acquisition process.’’
The project got in-principal approval in 2006 and later got two extensions from BOA up to 2009.
However, in 2009, the land acquisition process itself lapsed, with developers being unable to purchase the land from the farmers within the stipulated time frame.
When the project developers sought a third extension in November 2009, the BOA was unable to grant them an extension, as this was impossible under the then SEZ rules.
The Build-Operate-Transfer then granted the project a fresh in-principal approval, subject to certain conditions.
First Published: May 26, 2011 01:16 IST