Reliance Industries on Friday won government approval to de-notify over 40% of its Special Economic Zone (SEZ) in Gujarat as it plans R45,000 crore projects in that area to cater to domestic market.
An official said RILís proposal was approved at the meeting of Board of Approvals (BoA) SEZ subject to the company obtaining a NoC from the state government for the denotification.
ĎĎThe BoA on Friday approved the proposal but they have to take an NoC from the state government and the company also have to refund the tax benefits it may have availed for operating units in the only-for-export zone,íí he said.
The decision was taken by the board of approval for SEZ, which is headed by commerce secretary S R Rao.
RILís multi-product SEZ is spread over 1,764.14 hectares. The company wants partial de-notification of an area of 728.43 hectares, leaving 1,035.72 hectares of plan for the multi-product SEZ.
Sources said that in the de-notified area Reliance Industries plans to invest R45,000 crore in new projects that will cater to domestic demand.
The developer had applied for partial de-notification so as to implement a number of new projects in the domestic tariff area (DTA) in Jamnagar near the SEZ. The proposed projects will mainly cater to the significant existing domestic demand.
Reliance had stated in the proposal that it plans to invest R45,000 crore in projects in the de-notified area.