The Board of Approval (BoA) gives in-principle approvals for SEZ proposals that do not have the requisite land. The approvals are valid only for a year. Developers failing to obtain the land in time have to apply for an extension of those approvals before the one-year period lapses.
Emaar had originally applied for in-principle approval in July 2006 and had to apply for an extension before the end of July 2007. But the BoA received its application for extension only on Thursday. The request for extension of in-principle approval was considered by the BoA, but was rejected as its validity had expired. Now it will have to apply afresh after getting the state governments clearance for the project, an official told FE.
Emaar officials, contacted by FE via e-mail and telephone, refused to comment on the development.
Reliance Industries Ltd obtained a one-year extension of the in-principle approval for its Maha Mumbai SEZ project early this month. RIL had applied for extension before the expiry of its earlier approval. Officials said there are around 50 proposals, which at various times were given similar extensions.
Meanwhile, the BoA on Thursday granted formal approval to 20 proposals and in-principle nod to seven others.
Prominent among those that obtained formal approval were a multi-services SEZ by Gujarat Finance City Development Company Ltd in Gandhinagar in Gujarat; an agro and food processing SEZ by Nagaland Industrial Development Corporation Ltd in Dimapur, Nagaland; and IT/ITeS SEZs by Tata Consultancy Services and Cognizant Technology Solutions India Pvt Ltd in Andhra Pradesh.
In-principle approvals were given to sector-specific SEZs for products and related services in oil & gas, as well as energy & petrochemicals by Gujarat Hydrocarbon & Energy SEZ Ltd in Gujarat, and a multi-product SEZ by Gitanjali Gems Ltd in Nagpur, Maharashtra.