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HCL seeks govt approval for SEZ in Vijayawada

HCL Technologies is seeking an approval from the government for setting up a new IT/ITeS Special Economic Zone in Vijayawada.

The proposed project is worth an investment of 408.48 crores which will be developed in an area of 10.43 hectares.

An inter-ministerial Board of Approval has been appointed under Commerce Secretary Rita Teaotia for considering the approval. The board will give its decision at its meeting on June 19. The board would also consider cancellation of formal approval given to OSE Infrastructure as the developer has not made any significant progress on the project.

In order to boost the country's exports and the manufacturing sector, the government in 2005 passed a law for SEZs, which contribute about 25 percent of the country's total exports. Units and developers of these zones enjoy tax and non-fiscal benefits besides clearance from a single window mechanism.

There are 223 operational SEZs with 5,146 units from various sectors such as IT, pharma, textile, food processing, leather, biotechnology and diamond polishing.

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