Update: Centre approves 14 more SEZs, finalise infrastructure norms

Mumbai: The board of approvals for special economic zones (SEZs) has given final approval to 14 more proposals taking the total number of zones approved to 164. BoA has also specified investments needed for SEZs and the minimum networth of developers to be eligible for setting up sector specific and multi-product zones.

The board has set a minimum networth of Rs250 crore and a minimum investment of Rs1,000 crore for a multi-product SEZ. For sector-specific zones, the board fixed a networth of Rs50 crore and a minimum investment of Rs250 crore.

The government, meanwhile, finalised detailed guidelines for developing social infrastructure such as schools, houses and hospitals in SEZs, besides setting a criteria for developers. This, the government said, has been done with a view to prevent the SEZs from becoming a mere real estate opportunity.

"The BoA has broadly decided the procedure to be adopted while approving infrastructure in non-processing area of SEZs. The central government will shortly notify the list of activities that will qualify for tax exemptions," G K Pillai, special secretary in the commerce ministry, said.

The activities include building of basic infrastructure, water and sewage treatment plants, office space, shopping areas, schools, houses, hospitals, recreational and sports facilities, restaurants, power and gas connections. Multi-product zones spread over a minimum area of 1,000 hectares would be allowed to build ports, airports, banks, rail heads and golf courses also, Pillai said.