First City no longer part of Mihan SEZ

Nagpur: In a major relief to Maharashtra Airport Development Company (MADC) developing the Mihan SEZ, the board of approvals (BOA) in ministry of commerce has agreed to denotify land given to M/s Reatox Developers and DY Patil International School as special economic zone (SEZ).
The decision was taken in BOA meeting held on November 28. In the same meeting, BOA also extended the letter of permit (LoP) to Tech Mahindra, Tatas' TAL and Zeon Solutions. LoP is an approval for availing tax benefits available in a SEZ provided the unit is ready within a specific period after allotment of land.
Almost every unit in Mihan is asking for an extension as it failed to meet the deadline.
Extension to Tech Mahindra holds significance as it is the first unit allotted land in Mihan. It took the land as Satyam Computers and was later taken over by Mahindra after Rajus' fiasco.
After denotification, both Reatox and DY Patil stand excluded from Mihan SEZ. Its promoters will not be entitled to any tax benefits available under SEZ scheme. At the same time, they will not be bound to follow the SEZ rules such as providing services exclusively to those related with Mihan-SEZ's activities.
29/11/11 Shishir Arya/Times of India

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Categories: airports Nov 2011, Indian Aviation- In General Nov 2011