Skip to main content

Mundra Solar's request for an acceptance extension was deferred at the SEZ Board meeting, but Wockhardt's was authorised.

 Mundra Solar's request for an acceptance extension was deferred at the SEZ Board meeting, but Wockhardt's was authorised.


After the zone's DC submits a comprehensive report, the BoA will reconsider the Adani Ports SEZ unit's appeal.


Mundra Solar, an SEZ unit that manufactures solar cells and modules in Adani Ports and SEZ (APSEZ) at Mundra, Gujarat, has had its request for an extension of approval deferred by the Board of Approval for SEZs, which has asked the zone's Development Commissioner (DC) to prepare a detailed report based on Revenue Department observations.


According to the minutes of the BoA meeting held on March 18, pharmaceutical giant Wockhardt obtained a one-year extension of approval for its unit at Wockhardt Infrastructure Growth SEZ in Aurangabad, which it had demanded.


“Wockhardt's approval was simple because it had already invested money in the project and was just waiting for regulatory approval,” a person familiar with the situation told BusinessLine.


Mundra Solar, for example, has obtained four extensions of approval in the past, but it has not started any physical building work on the land aside from receiving environmental clearance, according to the DC of APSEZ's application for the meeting's agenda.


The agenda for the meeting read, "It is pertinent to notice that the unit had applied for exit from SEZ via letter dated October 16, 2019, and subsequently withdrawn their application for exit from SEZ via letter dated January 8, 2021, thereby willing to remain in SEZ development." The unit's proposed investment is priced at Rs 2,860.85 crore.


The zone's letter of approval (LoA) had expired the previous year. “The extension was granted after the company withdrawn its bid to leave the SEZ earlier this year. As a result, before determining if the unit deserves an extension, the Department of Revenue needs a more detailed briefing on the unit and its plans,” the source added.


Mundra Solar's request for a two-year extension of its LoA (until April 2022) claimed that its technical team is currently working on advanced direct wafering technology, which will further minimise wafer manufacturing's operating costs. This will make the project more commercially and logistically feasible.


Customs penalty on solar cells


With impact from April 1, 2022, India will place a simple customs duty of 25% on imported solar PV cells and 40% on imported solar PV modules, making domestic manufacturing more competitive.


The DC advised the BoA to consider the proposal because it was an environmentally sustainable undertaking. “The BoA will now make a decision on the matter only at a later meeting after the DC submits further details,” the source said.


The BoA has granted a year's extension to Wockhardt's planned inhaler and nasal dose manufacturing unit in the Aurangabad SEZ. The project is yet to get off the ground, according to the unit, leading to a delay in regulatory approvals from agencies including the US Food and Drug Administration (USFDA) due to the Covid-19 pandemic.


The BoA is the highest decision-making body for SEZs, led by the Commerce Secretary and made up of senior officials from a variety of ministries and agencies, including banking, agriculture, and housing.

Comments

Post a Comment

Popular posts from this blog

In March, Maruti Suzuki sold 1,67,014 vehicles.

  In March, Maruti Suzuki sold 1,67,014 vehicles. In March of last year, after a national lockdown due to the coronavirus pandemic, the company shipped 83,792 units. Maruti Suzuki India (MSI), the country's largest carmaker, announced gross sales of 1,67,014 units in March on Thursday. In March of last year, after a national lockdown due to the coronavirus pandemic, the company shipped 83,792 units. Last month, it sold 1,49,518 units in the United States. In March 2020, the automaker announced sales of 76,976 units. Last year, the Covid pandemic hampered both dispatches and manufacturing. "Disruptions caused by COVID caused a 48 percent reduction in domestic revenue in March 2020. Domestic revenue in March 2021 can be seen to have just returned to March 2019 levels,” MSI said in a statement. Last month, sales of mini cars such as the Alto and S-Presso totaled 24,653 units. In March 2020, the company had sold 15,988 units. Last month, sales of compact segment vehicles such as t...
Post a Comment
Read more

Adani Group is the third Indian conglomerate to cross $100 billion in market capitalization.

  GAUTAM ADANI IS NOW ONE OF THE TOP 20 BILLIONAIRES IN THE WORLD. Adani Group is the third Indian conglomerate to cross $100 billion in market capitalization. Adani Group has become India's third conglomerate to reach a market capitalization of $100 billion, with shares in four of its six public firms reaching new highs on Tuesday. According to BSE numbers, the combined market capitalization of the six listed Adani Group companies was over $104 billion. Adani Businesses jumped 5.6 percent to an all-time high of 1202, Adani Total Gas jumped 6% to a record high of 1248, Adani Transmission jumped 5% to 1147, and Adani Ports jumped 4% to an all-time high of 791 on Tuesday. Adani Power increased by 5% to 98.40, while Adani Green Energy increased by 2.3 percent to 1194. Previously, the Tata Group and the Mukesh Ambani-led Reliance Group had accomplished this aim. Tata Group has a market capitalization of $242 billion, while RIL Group has a market capitalization of $190 billion. Adani Gr...
Post a Comment
Read more

The 25 Indian crew members onboard Ever Given are in 'good health,' according to the company, which also expresses appreciation to all those involved in the refloating operation.

  The 25 Indian crew members onboard Ever Given are in 'good health,' according to the company, which also expresses appreciation to all those involved in the refloating operation. The ship is owned by a Japanese company, run by a Taiwanese shipper, and is currently stranded in Egypt under Panamanian flag. The Indian crew aboard the super ship Ever Given, which ran aground in the Suez Canal and was successfully refloated, is in "good health," according to the German firm that operates the vessel. Bernhard Schulte Shipmanagement (BSM) released a statement expressing its sincere appreciation to all those participating in the emergency response who worked diligently to free the vessel. "The vessel is now manned by a crew of 25 Indian nationals. They are safe and sound, and have been working together with all parties involved to get the ship back on the water. Their tireless professionalism and hard work are highly admired "In a tweet, the company said. "BS...
Post a Comment
Read more