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Pradip Overseas gets govt nod to withdraw SEZ plans

Kalpesh Chhatrasinh Damor/Ahmedabad 28 Sep 12 | 06:57 PM
Related to : Pradip Overseas Ltd
 Pradip Overseas Ltd
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The Central government has approved request of Ahmedabad-based home linen maker Pradip Overseas Ltd (POL) to withdraw plans for the sector-specific special economic zone (SEZ) near Ahmedabad.

The Company had requested the Central government for withdrawal of formal approval granted to it for setting up of sector specific SEZ for textile at Bhamara viilage of Bawla taluka of  Ahmedabad. The board of approval (BoA) for SEZs, operating under department of commerce, union ministry of commerce and industry, approved Pradip Overseas' request in a meeting held this month. The SEZ was not notified by the Government of India.

The company had proposed to established the SEZ over an area of 109.48 hectares. In the wake of tepid response from investors and imposition of minimum alternate tax (MAT) on units in SEZ affecting future prospects of the project, the company had decided to scrap its SEZ.

While seeking BoA permission for withdrawal of formal approval granted to the company for SEZ, the company had stated that due to change in the terms and condition specially  imposing MAT on the SEZ units, the textile SEZ was not the viable option for the participating entrepreneur. Hence, they were not receiving any response from the textile entrepreneurs of the country for participation in the textile SEZ.

The company now plans to set up an industrial park at the same location instead. "Not only textiles but all types of manufacturing companies will set up their units at the proposed park," the company officials had informed earlier.

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