New Delhi: The Board of Approvals gave the formal approval on 4 June to real estate firm Unitech’s investment arm Unitech Corporate Parks Plc (UCP) for setting up two IT Special Economic Zones (SEZs) at Greater Noida and Kolkata.
”These approvals are a significant advancement for the company and our investors. We will continue to make progress in UCP’s projects, as laid out in the Company’s Admission Document, and look forward to updating our investors with future announcements in due course,” UCP chairman Atul Kapur said.
Of the five proposed SEZs, the company has received formal approvals for two, the company said in a regulatory filing.
Listed on London Stock Exchange’s Alternative Investment Market, UCP was incorporated to invest in the development of real estate projects in India, including IT SEZ and IT Parks.
Out of the total 23 cases, the Board of Approvals gave approval to 17 SEZs, including those of Vedanta Alumina and DLF’s SEZs in Orissa and Suzlon’s two zones in Gujarat and Karnataka but deferred a decision on the Mukesh Ambani’s Navi Mumbai zone.
However, the Navi Mumbai SEZ failed to get the consent as Revenue Department wanted more details on measures proposed by the promoters to plug revenue leakages, official sources said.