DLF SEEKS NOD FOR APARTMENTS, COMMERCIAL COMPLEXES IN SEZS
Financial Chronicle
Realty major DLF has sought government approval for building service apartments and commercial complexes in four special economic zones, of which two are located in Gurgaon.
The Board of Approval (BoA) in the Commerce Ministry will consider requests from the developers for building apartments and commercial space in the non-processing areas of the four IT/ITeS SEZs at Gurgaon, Chennai and
The BoA is meeting here on June 17 to take up the request, along with other agenda.
SATYAM GRANTED 1-YEAR EXTENSION TO COMPLETE SEZS
New Delhi, June 15, 2009
Financial Chronicle
The government has granted a year’s extension to Satyam Computer Services for completion of three special economic zones (SEZs) in Andhra Pradesh, giving elbow room to the new management of the IT firm.
The commerce ministry has granted extension to Satyam’s two Information Technology/Information Technology enabled services (IT/ITeS) SEZs in
All the three tax-free enclaves were given formal approval, which would have lapsed by end of this month.
While the ministry granted extension of time “on file”, the decision has to be ratified by the inter-ministerial Board of Approval which is meeting here on June 17.
Satyam had planned a total investment of Rs 370 crore on its SEZ projects. About half of the SEZs are coming up in the IT/ITeS sector.
Satyam Computer, which was counted as a premier IT firm, faced a severe cash crunch in the last few months following the revelation of multi-crore rupee accounting fraud by its founder B Ramalinga Raju in January 2009.
However, with Tech Mahindra acquiring a majority stake, the company is in a recovery mode. It posted a consolidated net profit of Rs 160.50 crore for the quarter ended December 2008.
Ajayan,
Mint
Dubai-based Tecom Investments said on Sunday that it had ended a contract with UK-based Master Planning Consultants to develop the proposed SmartCity in Kerala’s
Differences between the promoters and the Kerala government over freehold land meant for the project led to the scrapping of the contract.
Farid Abdul Rahman, chief executive officer of SmartCity Kochi, said the Kerala government had provided no assurance that 12% of the land meant for the project would be freehold.
“In order to protect the best interest of SmartCity Kochi and its stakeholders, and further to all activities that were put on hold up until now, we regret to inform all those concerned that we have been forced to close out our contract with the internationally-renowned, UK-based Master Planning Consultants,” Rahman said in a statement.
It had been agreed earlier that 12% of the 246 acres to be leased for the project would be freehold land which the company would have the right to put to use as it desires. On the remaining area, it would and build 8.8 million sq ft of space and bring in IT companies that would provide 90,000 jobs in 10 years.
“Despite our best efforts to sort out issues by way of action, we have only heard statements in the media about more discussions on the subject of freehold. After our recent press meeting, it was said that SmartCity will come to know of the Government of Kerala’s decision by the first week of June,” Rahman said.
Early this month, Rahman told a press conference here that it could not go beyond 2009 if the government failed to accept the condition of freehold land.
The project was envisaged as part of a network of self-sustained townships for IT-based industries, similar to
“Regardless of this, we would like to reiterate our commitment to the project and are sure that with the support of the Government of Kerala on the pending issues, SmartCity Kochi will be a success,” Rahman said.