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November 27, 2006

FDI’s share in Indian real estate to touch 26% By March 2007 | INRNews

New Delhi, November 27, 2006 : FDI’s share in domestic real estate market will touch about 26% by March 2007, 10% higher than levels of 16% for fiscal 2005-06. This is expected to be driven by the growing interest of global real estate players in the Indian real estate market and increasing demand for office space particularly in IT & BPO.

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Ahmedabad - Gandhinagar road sees real estate development interest | INRnews

Ahmedabad, November 27, 2006 : The road connecting Ahmedabad airport to Gandhinagar is seeing strong interest from developers, attracted by its proximity to two key cities and excellent connectivity. IT facilities and hotels as well as educational/research institutions are being planned for this stretch.

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November 24, 2006

Food Processing Ministry Moves Proposal To Create FTP On SEZs Lines | INRnews

New Delhi, November 24, 2006 : The Ministry of Food Processing Industries has moved a comprehensive proposal to give SEZ status to proposed mega Food Technology Parks with a provision of 50% produce for domestic consumption and remaining 50% for exports.

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November 23, 2006

Aggressive growth ahead for Bangalore commercial and retail real estate | INRnews

Bangalore, November 23, 2006 : Aggressive growth is forecast for the Bangalore commercial and retail real estate by real estate services firm Jones Lang LaSalle (JLL). New supply will prevent the market from overheating.

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November 22, 2006

Land allotted to pharma companies for SEZ in Andhra Pradesh | INRnews

Hyderabad, November 22, 2006 : Two pharamceutical companies, Aurobindo Pharma and Hetero Drugs have been allotted 75 acres of land each to be the anchor tenants of a proposed formulations SEZ at Jadcherla in Mahbubnagar district of Andhra Pradesh.  The two companies will invest Rs. 200 crores to set up export oriented facilities with an employment potential of 2,000.

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IT SEZ to come up on 550 acre site in Vadodara | INRnews

Vadodara, November 22, 2006 : Nipiam Infotech Private Limited is to develop a 550 acre IT SEZ at Nimeta in Vadodara in collaboration with a Singapore based company. The first phase of the project, to be completed within two years, will include an IT Park on 100 acres. The total project investment is in the range of Rs.2,600 crore.

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November 10, 2006

Real estate major DLF to invest Rs 1,000 crores on Orissa IT SEZ | INRnews

Bhubaneshwar, November 10, 2006: The Orissa government has partnered India’s leading real estate developer DLF Ltd to set up the state’s first Special Economic Zone (SEZ) dedicated to Information Technology (IT).

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November 02, 2006

HPCL to get 1,500 acres of land in Vizag SEZ | INRnews

Hyderabad, November 2, 2006 : Oil major, Hindustan Petroleum Corporation Limited (HPCL) will be allotted 1,500 acres in the Special Economic Zone at Visakhapatnam in Andhra Pradesh. HPCL is to set up a refinery, aromatic plant and naphtha cracker unit at an investment of Rs 35,000 crore on this site. This was decided at a meeting held on Visakhapatnam Special Economic Zone, chaired by Chief Minister YS Rajasekhara Reddy.

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Cognizant to invest Over $200 Million in India real estate expansion | INRnews

Teaneck, NJ – November 2, 2006 – Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced plans to further expand its infrastructure in India through an expansion of its existing real estate development program. As part of this program, Cognizant plans to develop state-of-the-art techno-complexes and expand its infrastructure in five cities – Chennai, Coimbatore, Hyderabad, Kolkata and Pune.

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November 01, 2006

Timken to build $25 million manufacturing facility in Chennai SEZ | INRnews

Chennai, November 1, 2006 : The Timken Company (NYSE: TKR) today announced plans to build a new bearing manufacturing facility in India. The plant, which will be located in Chennai in the southern state of Tamil Nadu, will produce a range of antifriction bearings for global markets.

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September 27, 2006

Modi invites Japanese companies to set up SEZ in Gujarat | INRnews

Ahmedabad, September 27, 2006 : Gujarat Chief Minister Narendra Modi today invited Japanese investors and industrialists to set up exclusive Special Economic Zones on the 1600 km long coastline of the State.

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September 25, 2006

Gems and jewellery SEZ to come up in Kerala

Kochi, September 25, 2006: The Kerala Industrial Infrastructure Development Corporation (KINFRA) is to develop a gems and jewellery SEZ on 25 acres of land at the KINFRA Hitech Park in Kalamassery. KINFRA plans to provide land and infrastructure such as power, communication and water supply while a private sector developer would build the facilities. Aerens Goldsouk and Gitanjali Gems are amongst those reported to be interested in participation in the project.

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September 22, 2006

14 more SEZs to come up across India

New Delhi, September 22, 2006: The number of SEZs in the country is set to rise to 164 with approvals granted by the Board of Approvals for SEZs for setting up 14 more zones.  The Board has also finalized detailed guidelines for development of social infrastructure like schools, hospitals, housing etc in SEZs.  The guidelines also call for developers to have a minimum net worth of Rs.250 crores and a minimum investment of Rs.1000 crores for a multi product SEZ.  For sector specific zones, the minimum net worth and minimum investment have been set at Rs.50 crores and Rs.250 crores respectively.  The objective of setting the guidelines appears to be to prevent these special economic zones from being just a real estate opportunity

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Govt green light for 14 more SEZs | INRnews

Ahmedabad, September 22, 2006 : The Board of Approvals (BOA) under the stewardship of Union Commerce Minister Kamal Nath on Thursday approved 14 new proposals to set up Special Economic Zones (SEZs). With this, the total number of SEZs approved by the Union government has gone up to 164.

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September 14, 2006

Gujarat has potential to emerge as global manufacturing hub | INRnews

Ahmedabad, September 14, 2006 : The central government has already approved 21 special economic zones (SEZs) in Gujarat. And more companies are coming forward with proposals for such zones. With an investment of more than Rs 1 lakh crore, employment generation for lakhs for people, the SEZs are expected to become future growth engines that will propel Gujarat as a global manufacturing hub, says D Rajagopalan, Gujarat’s principal secretary for industries and mines.

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Nokia telecom SEZ to be set up in Sriperumbudur, Chennai

The Nokia Telecom SEZ coming up in Sriperumbudur outside Chennai will be ready by the end of next year. The facility will house key suppliers of Nokia as well as 20,000 workers according to Nokia's director of operations Jukka Lehtela.

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September 11, 2006

With SEZs, Gujarat zones in on billions | INRnews

Ahmedabad, September 11, 2006 : Gujarat is fast becoming the hub for Special Economic Zones (SEZ) in the country. Though only Kandla and Surat SEZs are fully operational right now, the State plans to set up 25 SEZs. Of these, approval has been granted to 20-odd proposals which is likely to bring in initial investment of over Rs 700 billion.

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September 08, 2006

India SEZ development - Ministry seeks to plug loopholes

The Indian Commerce Ministry to specify the size of residential and retail components of SEZs that are available for tax sops in a move aimed at preventing SEZ incentives from being exploited for real estate windfall gains.

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Auto industry SEZ in Jharkhand notified

An automobile and auto components industry SEZ in Jharkhand has been notified. The Adityapur SEZ is being developed by the Adityapur industrial area development authority with Gammon and Jusco. The SEZ is is to come up on 36 hectares of land in the Saraikela Kharsawan district of Jharkhand.

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September 07, 2006

Tata to set up Electro-Metallurgical SEZ in Orissa

The Tata Group plans to set up an SEZ focused on the Electro-Metallurgical business in over 2,500 acres of land that it owns in Gopalpur, Orissa.  the focus of the Gopalpur SEZ would be on downstream steel and aluminium projects, titanium dioxide ancillaries and processing of cold-rolled steel sheets.

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September 04, 2006

Notified SEZs at Siruseri near Chennai and at Indore in Madhya Pradesh

Hexaware's 11-hectare information technology Special Economic Zone (SEZ) at Siruseri near Chennai, has been notified. Another SEZ for Medicaps covering an area of 12.25 hectares at Indore in Madhya Pradesh has also been notified. This takes the number of notified SEZs to a total of 22. It may be recalled here, that the Board of Approval has given its stamp of clearance to 150 applications, already.

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September 01, 2006

Visakhapatnam Steel Plant to set up SEZ

A Special Economic Zone (SEZ) with sole focus on steel production with ancillary and downstream units may be set up by Rashtriya Ispat Nigam Ltd at Visakhapatnam. The aim is to promote industrialisation in the district and improve employment opportunities in the region.

The expansion of the plant at a cost of Rs.8600 crores is scheduled for completion in 2009.

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Belgaum, Karnataka to have SEZ

The Karnataka Industrial Area Development Board has been asked to sanction 250 acres of land near Belgaum city for a proposed Special Economic Zone (SEZ). It is hoped that an SEZ in the area will galvanize industrial progress and create job opportunities.

According to reports the state government is committed to implementing the proposed Kalsa-Bandur nala diversion schemes on which work would start before October 2, this year.

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August 29, 2006

TN Govt to acquire 2,000 acres of land for projects including SEZ

The Tamil Nadu Govt. is planning to acquire 2,000 acres of land to meet the expansion of the industrial parks of SIPCOT at Sriperumbudur and Oragadam. Chief Minister M. Karunanidhi made this announcement in the State Assembly earlier this week. The Oragadam industrial park will be the site of a Special Economic Zone catering to the manufacture of automobile components.

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August 26, 2006

Government of Maharashtra and Bharat Forge join hands to set up a multi-product SEZ in Pune District

Project to generate 120,000 new jobs.

Bharat Forge Ltd. (BFL), India’s largest manufacturer and exporter of automotive components today signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to jointly develop a multi-product Special Economic Zone (SEZ) in Khed Taluka of Pune District.

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August 23, 2006

SEZs in India - sky is the limit, says Govt.

The govt of India has now backed off from its earlier decision to limit to 150, the number of Special Economic Zones with unprecedented tax concessions that could be established within the country. The empowered Group of Ministers on Special Economic Zones (e-GoM) decided instead to welcome as many as would apply for the coveted SEZ status.

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August 22, 2006

ONGC plans massive investment in Mangalore SEZ

Natural resources giant ONGC is planning a massive investment of Rs. 10,000 crore in the recently approved Mangalore multi-product SEZ that is to come up in 1,320 hectares of land. ONGC is the main promoter of this SEZ.

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August 21, 2006

Commerce department seeks more than 150 SEZs

North Block disagrees, sees SEZs as tax havens

While the commerce ministry claims that 150 SEZs have been approved and a cap had been fixed on fresh approvals, revenue department officials distinguished between final approvals and "in-principle" nods. According to them, only 30-odd projects have got final notification. Thereby, it may be assumed, leaving space for further approvals especially if many SEZ proposals fall by the wayside.

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August 19, 2006

HCL to invest Rs 500 crore for SEZs in Noida, Bangalore and Chennai

HCL Technologies has got approval to set up three special economic zones (SEZ) in India in the cities of Noida, Bangalore and Chennai. The company plans to invest Rs. 500 crore to set up the SEZs.

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August 18, 2006

Sterling Biotech to build multi-product SEZ in Gujarat

A multi-product SEZ on 3,380 hectares of land in Jambusar, Gujarat has been proposed by Sterling Biotech at an investment of Rs. 1,600 crore. The SEZ will house priority sector industries such as chemicals and petrochemicals,metals, and steel.

The proposed SEZ is expected to provide jobs to 200,000 people and to achieve exports of Rs. 3,000 crore in the starting 4 years.

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August 10, 2006

Board of Approvals approves 45 SEZ projects in India

The Board of Approval of Special Economic Zones has approved 45 special economic zone (SEZ) initiatives in a meeting earlier this week, taking the total number of approvals up to 150. Another 100 proposals are pending and 80 have been deferred.

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August 08, 2006

Gujarat promotes itself as IT destination

Gujarat is attracting new investments in IT, thanks to government backing of the state as a cost-effective IT hub. Over 40 companies, including Microsoft and TCS are already present at Creative Infocity, set up in 2000, with more IT and IT-enabled services (ITES) and Business Process Outsourcing (BPO) companies coming in.

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August 06, 2006

A 2,500 acre SEZ and expansion plans for ports in Chennai

The public sector Ennore Port Ltd. (ELT), Tidco and Sipcot are to jointly set up a 2,500 acre SEZ in North Chennai. The TN govt has been approached for approval and waiver of Sales Tax for enterprises located in the zone.

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Karnataka Government inviting private companies to set up SEZs in Bangalore, Hubli

The government has approached companies such as Infosys, Mahindra and Mahindra to run Special Economic Zones (SEZs) in Bangalore, Hubli and Dharwad, according to Minister for Large and Medium Industries K S Naidu. Real Estate groups like Adarsha and Prestige are also on the guest list.

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169 SEZ proposals come up for approval on August 8

Special Economic Zones (SEZs) in various segments such as multi-product, information technology, biotechnology and frontier areas of technology adding up to 169 proposals in all will be examined by the Board of Approval. The Board is chaired by the Special Secretary in the Department of Commerce, Mr Gopal K. Pillai.

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August 05, 2006

Approval sought for R&D SEZ in Bangalore

Approval has been sought for the development of an R&D SEZ on 1,000 acres of land near Bangalore. The Rs. 700 crore project - "Gandhi City" - has been mooted by a group of people from the IT industry and Private Equity firms.

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August 03, 2006

IL&FS signs MoU to establish SEZs in Bihar

Infrastructure Leasing and Financial Services Ltd (IL&FS) and the Bihar Government have signed a MoU to develop three special economic zones (SEZ) in the state including two product specific and one multi-product SEZ. The SEZs would be developed through public-private partnership with both partners sharing risks and rewards.

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Hiranandani plans to set up 100-acre IT SEZ in city

Mumbai-based Hiranandani Group proposes to set up a 100-acre special economic zone (SEZ) outside Mumbai, subject to approvals. Approvals are not necessarily a given at this stage since there is already a surfeit of IT SEZs with 66 having already been approved so far.

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Indian Government approves 105 SEZ proposals

The government has approved 105 special economic zone (SEZ) proposals of 388 applications received according to Minister of State for Commerce, Jairam Ramesh. In terms of the number of proposals Maharashtra has the most at 63, followed by Haryana -54, Andhra Pradesh -53, Karnataka -51 and Tamil Nadu -42.

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Mangalore the next IT hub in Karnataka

A 2 million sq.ft SEZ will be created at Ganjimath in Mangalore by Nitesh Estates. The SEZ will house IT companies and plans to provide employment to over 10,000 people. Mangalore is seen as an emerging IT/ITES and BPO destination with major international investors and multinationals eyeing the city as a potential regional business hub.

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Corporate majors expand in Hazira

Expansion plans running into hundreds of crores worth by four major companies - Essar, L&T, Kribhco and Shell - will hit Hazira over the next four years. Concerns over the availability of land to meet these expansion needs were voiced in official government meetings in May and it is not clear if it will be easy to meet the land acquisition needs of these companies.

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Vatika's IT park SEZ for Jaipur

Six months from now, the first phase of Vatika's $860 million IT park is expected to commence along the Ajmer Road in West Jaipur. The self-contained IT park on 53 acres of land promises to provide complete infrastructure facilities from power supply, water supply and sewage treatment to service apartments and banks. The IT Park has won government approval as a SEZ with all the tax and duty exemptions that go along with it.

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August 02, 2006

Finolex to develop IT SEZ in Pune

Finolex Industries plans to develop an IT SEZ on land that it owns in Pune according to Assistant Managing Director S.S. Dhanorkar. The development would help the company unlock the value of the company's land holding. The company is seeking to partner with property developers from India or abroad to develop the 78-acre plot.

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Uttar Pradesh government opens SEZ development to private sector

The U.P. Government has approved the Special Economic Zone Policy, 2006, that actively solicits the involvement of the private sector in development of SEZs by offering incentives and exemptions to promoters. The policy also seeks to cut short approval time and reduce delays in implementation of new SEZ projects.

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August 01, 2006

West Bengal government inks infrastructure deal with Salim group led consortium

The West Bengal government has signed an agreement with a Salim group led consortium for setting up mega infrastructure projects in the state. The agreement was signed between the state government, WBIDC, and the New Kolkata International Development Pvt Ltd - a SPV promoted by Indonesian Salim group together with the Universal Success group and Unitech.

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Real estate major Unitech in massive land deal

Real estate major Unitech is set to announce India's largest real estate deal at a sticker price of well above Rs. 2,000 crore. The land deal is said to surpass earlier mega deals including Unitech's Rs. 1,568 crore Noida Expressway deal, Reliance Industries Rs, 1,100 crore Bandra-Kurla deal and DLFs Rs. 702 crore deal for NTC mill land.

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Navi Mumbai SEZ to house international financial services hub

An integrated financial services hub, modeled on Hong Kong and Dubai, is being planned within the Navi Mumbai SEZ promoted by Mukesh Ambani of Reliance Industries and others. The facility will boast infrastructure facilities on par with international standards including a trading exchange, infrastructure, high speed telecom facilities, security, and office infrastructure.

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July 31, 2006

Five new SEZ facilities for Gujarat

Gujarat Chief Minister, Mr. Narendra Modi is wooing investors to the state with its good power supply, extensive road network and port facilities. He also has assured investors of speedy clearances for investment proposals in the state. Speaking at a program organised by SICCI, Mr Modi indicated that five new special economic zones are planned in Gujarat, in addition to the twenty two existing SEZs. The new SEZs will be located near ports.

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Pharmaceutical and Engineering SEZs to come up near Ahmedabad

Dishman Pharma plans to develop two special economic zones (SEZ) at Sanand near Ahmedabad.  One SEZ will be dedicated to the pharmaceutical sector and the company already anticipates European and US companies to set up units there. An engineering SEZ is also planned adjacent to the pharma SEZ. The company has already acquired 600 acres of land for the SEZ initiatives.

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July 29, 2006

Gems and jewellery SEZ to be set up in North West Delhi

The Delhi State Industrial Development Corporation (DSIDC) is developing a special economic zone (SEZ) focused on the gem and jewellery business on 150 acres of land in Baprola, North West Delhi. The SEZ is expected to come up in three years and will require an investment of Rs. 300-400 crore. The SEZ would include a gem testing lab, assaying and hallmarking centre, marketing space for designers and a business centers.

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Exclusive Leather SEZ to be set up in Andhra Pradesh

Mr Jairam Ramesh, Union Minister of State for Commerce, has announced the setting up of an exclusive leather SEZ at Tada in Nellore district, Andhra Pradesh. The SEZ would be a joint venture between the Andhra government, a consortium of shoe manufacturers and the Tatas. The Tatas are said to be putting up an initial investment of Rs. 100 crore for the project.

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Goa allots land for pharma and biotech parks, and SEZ

The Goa Assembly was informed by Industries Minister Luizinho Faleiro that the Goa Industrial Development Corporation (GIDC) has allotted more than 11.8 million square metres of land for the development of a pharma park/Special Economic Zone at Keri and other biotech parks in the State.

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July 28, 2006

New SEZ planned near Haldia, West Bengal and in Gopalpur, Orissa

A new ship building facility & SEZ is proposed to be built of 1,500 acres of land near Haldia in West Bengal. Mr. P.K. Ruia the promoter is seeking an allocation of 1,500 acres of land from the government for this purpose. The project entails an investment of Rs. 1,000 crore.

In the meantime, Tata Steel has proposed an SEZ on 3,000 acres of land in Gopalpur, Orissa. The focus of the SEZ woiuld be metal manufacturing and ancillary development. The  project is expected to cost Rs. 8,000 crore.

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May 14, 2006

Don’t make SEZ real estate scams - Kiran Karnik

Writing in the Economic Times, Kiran Karnik President of Nasscom raises valid concerns about the the rapid development of SEZs and the need to ensure that the SEZ schemes get implemented right. Rather than focus on minimum requirements around exports, employment and investment, the criteria specified currently is on minimum land area. And this according to Mr. Karnik is likely to have the converse effect of maximising land acquisition by developers.

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May 13, 2006

Mangalore SEZ attracts companies

Many companies from the manufacturing and service sectors have shown interest in setting up their units in the Mangalore SEZ. The Mangalore Refinery and Petrochemicals Ltd (MRPL) is the anchor investor in the Mangalore SEZ project. MRPL has envisaged projects such as an LNG terminal, C2-C3 separation units, and aromatic and olefin complexes in the petrochemical component of the SEZ.

Pharmaceutical and shipbuilding companies in the manufacturing sector, and various service sector companies have shown interest in setting up their units in general-purpose multi-product component of SEZ, according to news reports.

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April 22, 2006

Property developers in India see large opportunities from SEZ growth

SEZs are latest hotspots for realty developers. Riding on total tax exemption, real estate developers are eyeing special economic zones (SEZs) as their next destination. Almost all developers worth their salt are making a beeline for a big bang plunge into development of SEZs. So much so, most haven’t even waited for project approvals before announcing mega IPOs considering the investment demands for such huge projects.

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