Government on Friday approved the applications of as many as 56 special economic zone (SEZ) developers, including JSW Aluminium and Parsvnath, to surrender their projects. The numbers reflect erosion of investor interest for these zones, which once emerged as export hubs. The decision regarding this was taken by the Board of Approval (BoA) headed by Commerce Secretary Rajeev Kher on Friday.
A total of 57 developers sought approvals for the same. Except one, the Board has approved all the proposals to surrender projects, Kher told the news agency. Before surrendering their projects, the developers have to refund duty benefits if they have availed any. Out of 57 SEZs, 35 tax-free enclaves are from IT/ITeS sector, while other sectors include engineering, biotechnology, gems and jewellery, pharmaceuticals and textiles.