Government to consider TCS, Infosys proposals to set up SEZ on November 15

By: |
Published: November 12, 2019 5:16 PM

Infosys has proposed to set up two SEZs -- one each in Kancheepuram and Pune -- according to the agenda paper of the board meeting.

TCS, Infosys, SEZ in IT sector, Kancheepuram district, Tamil Nadu, Tata Consultancy Services Ltd, ITeS zone in Tamil NaduAccording to the agenda paper, Tata Consultancy Services Ltd has sought formal approval from the government to set up IT/ITeS zone in Tamil Nadu. (Representational image)

The government will consider on Friday the proposals of TCS and Infosys to set up special economic zones (SEZ) in IT sector. The proposals will be taken up by the Board of Approval, the highest decision making body for SEZ, in its meeting on November 15. The inter ministerial body is chaired by the Commerce Secretary.

Infosys has proposed to set up two SEZs — one each in Kancheepuram and Pune — according to the agenda paper of the board meeting. The total proposed investment for Pune project is Rs 361.53 crore, while it is Rs 336 crore for the Kancheepuram project. Infosys has sought formal approval for setting up a sector specific SEZ for IT/ITeS at Kancheepuram district in Tamil Nadu over an area of 5.37 hectares. The Pune project is proposed at 10 hectares of land.

Also read: Indians convinced country headed in right direction despite slowdown, falling GDP, unemployment

According to the agenda paper, Tata Consultancy Services Ltd has sought formal approval from the government to set up IT/ITeS zone in Tamil Nadu.
“TCS Ltd has proposed to invest Rs 900 crore in this zone and provide employment to about 12,000 persons,” it said. The company has requested to allow for setting up of unit with an initial development centre and start the business operations before the deadline of March 31, 2020.

All these three proposals are placed before the board for their consideration, it added. Further, the Tripura Industrial Development Centre too has sought approval for setting up SEZ for agro-based food processing sector over an area of 16.35 hectares in the state. The estimated investment for the project is Rs 1,550 crore.

SEZs are demanding support, including removal of minimum alternate tax, from the government with a view to boost outbound shipments from these zones. SEZs are major export hubs in the country as the government provides several incentives and single-window clearance system. Exports from these zones stood at over Rs 7 lakh crore in 2018-19.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Two crore families provided with piped drinking water in last one year: PM Modi
2Prime Minister Modi wants self-reliant farmers for Atmanirbhar Bharat; focuses on agri reforms
3PM Modi’s mantra for Atmanirbhar Bharat: Value-Addition to raw material, making finished goods