Adani Requests Partial De-Notification of Mundra Multi-Product SEZ
PORTS & SHIPPING

Adani Requests Partial De-Notification of Mundra Multi-Product SEZ

Adani Ports & Special Economic Zone (APSEZ) has approached the Centre requesting the partial de-notification of its multi-product Special Economic Zone (SEZ) in Mundra, Gujarat. The commerce ministry is set to review the proposal on Friday.

The proposal will be examined during a meeting of the Board of Approval, which is the highest decision-making body for SEZs. This board, chaired by Commerce Secretary Sunil Barthwal, will meet tomorrow. According to the agenda of the meeting, APSEZ has requested the de-notification of 333.7396 hectares out of the total 8282.7670 hectares. The developer stated that due to intense competition in the solar market and the significant dumping of solar equipment into India, the units in the Electronics Manufacturing Cluster (EMC) have become economically unviable within the SEZ.

The developer further explained that to survive in this challenging market, it has become essential for these units to exit the SEZ. Consequently, the units in the EMC area have expressed their desire to cease operations within the SEZ framework. As a result, Mundra Solar Technopark, the co-developer, has requested the developer to de-notify the EMC area from the SEZ on an "as-is-where-is" basis.

The Gujarat government has no objections to the proposal and has asked for the processing of the partial de-notification application. The development commissioner of APSEZ has also urged the board to consider the proposal.

According to the SEZ Rules of 2006, the central government may modify, withdraw, or rescind the notification of an SEZ based on the recommendation of the Board, provided it is satisfied with the developer's application.

Additionally, the inter-ministerial board will review a proposal from Mundra Petrochem Ltd, APSEZ, Mundra, seeking a one-year extension for the grant of a Letter of Approval (LOA). Although the LOA was issued in December 2021, the project’s commencement and commissioning were delayed due to the COVID-19 pandemic and other issues. However, the project activities are now progressing at full speed.

SEZs are critical export hubs, accounting for over one-third of the country’s total outbound shipments in the previous fiscal year. These zones are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales in the domestic market. The government has approved 423 such zones, 280 of which are operational, with 5,711 units approved in these zones.

Exports from these zones increased by over 4 per cent to $163.69 billion in 2023-24.

News source: Business Standard

Adani Ports & Special Economic Zone (APSEZ) has approached the Centre requesting the partial de-notification of its multi-product Special Economic Zone (SEZ) in Mundra, Gujarat. The commerce ministry is set to review the proposal on Friday. The proposal will be examined during a meeting of the Board of Approval, which is the highest decision-making body for SEZs. This board, chaired by Commerce Secretary Sunil Barthwal, will meet tomorrow. According to the agenda of the meeting, APSEZ has requested the de-notification of 333.7396 hectares out of the total 8282.7670 hectares. The developer stated that due to intense competition in the solar market and the significant dumping of solar equipment into India, the units in the Electronics Manufacturing Cluster (EMC) have become economically unviable within the SEZ. The developer further explained that to survive in this challenging market, it has become essential for these units to exit the SEZ. Consequently, the units in the EMC area have expressed their desire to cease operations within the SEZ framework. As a result, Mundra Solar Technopark, the co-developer, has requested the developer to de-notify the EMC area from the SEZ on an as-is-where-is basis. The Gujarat government has no objections to the proposal and has asked for the processing of the partial de-notification application. The development commissioner of APSEZ has also urged the board to consider the proposal. According to the SEZ Rules of 2006, the central government may modify, withdraw, or rescind the notification of an SEZ based on the recommendation of the Board, provided it is satisfied with the developer's application. Additionally, the inter-ministerial board will review a proposal from Mundra Petrochem Ltd, APSEZ, Mundra, seeking a one-year extension for the grant of a Letter of Approval (LOA). Although the LOA was issued in December 2021, the project’s commencement and commissioning were delayed due to the COVID-19 pandemic and other issues. However, the project activities are now progressing at full speed. SEZs are critical export hubs, accounting for over one-third of the country’s total outbound shipments in the previous fiscal year. These zones are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales in the domestic market. The government has approved 423 such zones, 280 of which are operational, with 5,711 units approved in these zones. Exports from these zones increased by over 4 per cent to $163.69 billion in 2023-24. News source: Business Standard

Next Story
Real Estate

India’s Home Prices Set to Rise Sharply, Rentals Also Climb

Home prices in India are projected to rise more steeply than earlier forecasts, fuelled by demand from wealthy buyers, while the shortage of affordable housing is worsening and pushing millions towards costly rentals, according to a Reuters poll of property experts.The survey of 20 analysts, conducted between 14 August and 12 September, found that average home prices — already more than double over the past decade — are expected to rise 6.3 per cent in 2025 and 7 per cent in 2026, after an estimated 4 per cent increase in 2024. This outlook is higher than the 6 per cent and 5 per cent incr..

Next Story
Infrastructure Urban

Credai Calls for Land Reforms to Drive Real Estate Growth by 2047

The Confederation of Real Estate Developers’ Associations of India (Credai) has called for comprehensive land reforms, including conclusive land titling through a Land Titling Act and the creation of a unified national digital land register to enhance transparency and accessibility.It also urged the development of land banks to promote affordable housing and emphasised the planned creation of 100 ‘cities of tomorrow.’Unveiling its report, The National Real Estate Development Framework – Vision 2047, at its annual conference in Singapore, Credai highlighted the need for land reforms, di..

Next Story
Infrastructure Urban

MSRTC to Open 75 Free Libraries for PM Modi’s 75th Birthday

In a unique initiative to celebrate Prime Minister Narendra Modi’s 75th birthday, the Maharashtra State Road Transport Corporation (MSRTC) will set up free public libraries at 75 major bus stations across the state.The move, announced by Maharashtra Transport Minister and MSRTC Chairman Pratap Sarnaik, aims to foster a reading culture and promote Marathi literature among the masses. Speaking to the media, Sarnaik said the initiative is being implemented under the guidance of MP Dr. Shrikant Shinde and senior BJP leader Vinay Sahasrabuddhe, as part of a broader push to make literature and kno..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?