Govt pats Infosys 4 Hectares SEZ setup in Bengaluru

Amid the drive of concurring with Government’s ambitious plans, the government has accredited the proposal of Infosys to set up an IT/ITeS special economic zone in Bengaluru unfurling over 4 hectares.  

The decision was taken by an inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, at its meeting on April 28.

“The Board noted that the developer is in possession of the land. It decided to grant formal approval to the proposal,” the BoA meeting said.

According to reports, the Board also granted 20 developers for completing their projects.

Those that got additional time include Mayar Infrastructure Development for a biotechnology SEZ in Haryana, Wipro for IT SEZ in Karnataka and Vedanta for its sector-specific SEZ for manufacturing and exports of aluminium in Odisha.
Furthermore, it has approved application of Unitech Realty Project for change of name of the developer to Candor Gurgaon One Developers and Projects and also change in shareholding pattern of the company.

But the approval is subject to certain conditions such as seamless continuity of SEZ activity with unilateral responsibilities and obligations for the altered developer entity, and “full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional authority”.