A Videocon group firm has approached the Centre to withdraw its IT/ITES SEZ project at Jalpaiguri due to “latest business outlook” in the northern region of West Bengal.
”…Now, the developer has requested for withdrawl of formal approval stating that the company is not able to implement the project owing to the latest business outlook of the region,” according to a Commerce Ministry document.
An inter-ministerial Board of Approval (BoA), chaired by Commerce Secretary Rahul Khullar, will consider this request on January 24.
The project was to be implemented by Videocon Realty and Infrastructure Ltd which had been granted a formal approval for setting up 10-hectare Special Economic Zone(SEZ). The preliminary approval was given in May 2009.
Even as Chief Minister Mamata Banerjee recently held a meeting in Kolkata with industrialists, several projects relating to steel and power are stuck in the state for different reasons including certain regulatory and land issues.
Infrastructure major Larsen and Toubro has also approached the Commerce Ministry to surrender its IT/ITeS SEZ which was to come up at Coimbatore in Tamil Nadu, due to “economic unviability” of the project.
“The developer has requested for de-notification of the SEZ…in the changed economic scenario,” the agenda papers of the BoA meeting said.
Besides, 11 developers including that of Parsvnath SEZ Ltd and Taneja Aerospace and Aviation Ltd have extension of time for execution of their projects.
However, India’s largest software firm, TCS remains bullish on the sector and has sought approval for its new SEZ project at Indore in Madhya Pradesh.