Tata Steel seeks one year’s time to start Odisha SEZ project
New Delhi: Tata Steel has sought one year’s time from the government to start execution of its multi-product special economic zone (SEZ) project in Odisha, saying that it is waiting for environment clearance.
The proposal to grant extension will be taken up by the board of approval, highest decision making body on SEZ related issues, in its meeting on 17 November. The inter-ministerial board is headed by commerce secretary Rita Teaotia.
According to the agenda note of the board, Tata Steel SEZ Ltd, Gopalpur, Odisha has sought “further extension of the formal approval for setting up a multi-product SEZ beyond December”.
The company has sought extension of one year up till 17 December 2018. It has stated that it could not start the activities in the zone in the absence of environmental clearance (EC) and coastal regulatory zone (CRZ) clearance.
Tata Steel SEZ had applied for environmental clearance on 24 March and CRZ clearance on 3 July this year and final expert appraisal committee of ministry of environment, forest, and climate change recommended for grant of EC and CRZ clearance on 16 October.
“The formal approval letter of ERC and CRZ clearance is expected by end of November, post which the infrastructure development activity would be taken up,” the board said.
SEZs are export hubs. Overseas shipments from these zones and export oriented units contributed about 33% to the country’s total exports. Till 7 September, the government has approved as many as 424 zones, of which 222 are operational. Exports from these zones grew about 12% to Rs5.24 trillion in 2016-17 as against Rs4.67 trillion in the previous fiscal.
On Monday, Tata Steel share prices fell 1.51% to Rs690.85 while the benchmark Sensex shed 0.84% to end the day at 33,033.56 points.
- Thousands stranded, scores injured in snowbound Tokyo
- Asia wakes to Donald Trump’s big trade move with tariffs aimed at them
- Market Live: Nifty hits 11,000, Sensex crosses 36,000, RIL, Axis Bank shares rise
- Tata Group sees big opportunity to grow in financial services
- Rupee opens marginally higher against US dollar