Govt de-notifies Adani SEZ in Gujarat
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- Current News
- Tuesday, 16 October 2012 19:06
- Published on Wednesday, 17 October 2012 15:09
- Hits: 394
Gujarat Global News Network, New Delhi
The Union government has cancelled Adani Group’s 1,840 hectare special economic zone (SEZ) in Mundra for alleged violation of three SEZ rules.
Ministry of Commerce & Industry informed Adani Ports and Special Economic Zone's project did not conform to contiguity norms and violated a rule, which requires the SEZ site to be vacant before approval is sought for the tax free zone. Besides, the site was land-locked.
The government has kept the option open for the company to reapply to the board of approval in the commerce ministry to seek fresh permission. “The developer can again approach the board of approval in the commerce ministry for fresh permission. If they remove all the three anomalies, they can re-apply,” an official said. Officials of the Adani Group have said: “We will re-apply. We are in touch with the government. We have had several meetings on this issue.”
“We had sought clearance for this additional land, measuring 1840 hectares, for expansion in the future,” said the company’s statement. According to the company, there had been no impact on work at SEZ. “The development and operations of the port and related infrastructure and at the existing 6,473 hectare SEZ at Mundra are normal and not impacted by this,” said the company’s statement.
APSEZ stock plunged by 2.5% to close at Rs120.10 on the BSE on Tuesday. The stock hit a low of Rs118.
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