Union Government clears Infosys proposal to set up IT SEZ in Bengaluru
Union Government has approved the proposal of Infosys to set up an IT/ITeS special economic zone (SEZ) in Bengaluru, Karnataka in an area spread over 4 hectares.
Decision in this regard was taken by an inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia.
Key facts
- BOA granted formal approval Infosys’ proposal as it possesses the land by itself. It also extended the time limit of nearly around 20 developers to complete their projects.
- The developers who got the time extension include Wipro for IT SEZ in Karnataka, Mayar Infrastructure Development for a biotechnology SEZ in Haryana and Vedanta for its sector-specific SEZ for manufacturing and exports of aluminium in Odisha.
- The BoA also approved application of Unitech Realty Project for change of name of the developer. The changed name will be Candor Gurgaon One Developers and Projects and it also changes shareholding pattern of the company.
SEZs are delineated duty-free enclaves that are deemed to be foreign territory for the purposes of trade operations and duties and tariffs. They are genereall export hubs that contribute about 23 per cent to the country’s total exports.
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Month: Current Affairs - May, 2016