New Delhi : Over 50 developers of special economic zones (SEZ), including Dr Reddy’s Laboratories, Vedanta Aluminium and Tata Consultancy Services, have asked for more time from the government to implement their projects.
The requests will be considered by the Board of Approval (BoA), headed by Commerce Secretary Rajeev Kher, on March 10. Other developers that have sought additional time include Alstom Bharat Forge Power, Sesa Sterlite Ltd and Cognizant Technology Solutions. Vedanta Aluminium has asked for extension of the validity of the approval granted by the board for setting up an SEZ in Odisha beyond May 22.
According to an industry expert, besides the global slowdown, uncertainty over tax exemptions to new SEZs has led to declining interest in such projects.