Latest News | Govt to Consider Two Proposals for Setting Up Free Trade and Warehousing Zones on Nov 27

New Delhi, Nov 25 (PTI) The government on November 27 will consider two new proposals for setting up free trade and warehousing zones (FTWZs) in Maharashtra.

The proposals will be taken up for consideration by the highest decision making body for SEZ (special economic zones) Board of Approval (BoA) in its meeting on November 27, according to an office memorandum of the department of commerce.

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NDR Infrastructure Pvt Ltd has proposed to set up an FTWZ in Raigad, Maharashtra, over an area of 50.98 hectares (125.96 acres), with a total proposed investment of Rs 700.81 crore.

According to the memorandum, the developer has already procured 117.6 acres of land and for the remaining 8.36 acres they have done agreements for sale.

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Similarly, Karanja Terminal & Logistics Pvt Ltd too has sought in-principle approval for setting up of an FTWZ in Raigad, Maharashtra over an area of 50 hectares, with a total proposed investment of Rs 528 crore.

The objective of these zones is to create trade-related infrastructure to facilitate the import and export of goods and services with freedom to carry out trade transactions in free currency.

Further the BoA would also consider five proposals seeking more time to execute their SEZ projects.

 An SEZ unit Indo UK Healthcare has sought extension of LoA (letter of appproval) for one year till March 9 next year.

Wockhardt Ltd, a unit at Shendre, Aurangabad, Maharashtra has sought extension of validity period of LoA for oral solid dosage for human usage for a period of one year upto October 24, 2021.

SEZs are exports hubs which contribute to about 20 per cent to the country's total outbound shipments.

The commerce ministry is taking steps to revive investors interest in these zones.

Exports from such zones grew by about 14 per cent in 2019-20 to Rs 7.97 lakh crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)