Posco and Vedanta Aluminium Logo (Source: Wikipedia)
Posco and Vedanta Aluminium Logo (Source: Wikipedia)
New Delhi: The Centre has granted more time to 13 Special Economic Zone developers including South Korean steel major Posco and Vedanta Aluminium to implement their respective (SEZs) in Odisha.

In an inter-ministerial Board of Approval (BoA) meeting, headed by Commerce Secretary Rahul Khullar on March 13, the board had also allowed four SEZ developers to surrender their projects.

However, the developers surrendering their projects have to obtain a certificate from the respective Development Commissioners that they have refunded all the tax/duty benefits availed under SEZ Act/Rules.

Both Vedanta Aluminium and Posco India had sought more time from the Centre to implement their respective Special Economic Zones (SEZs) in Odisha.

Posco has not been able to proceed with its project as it is yet to get adequate land from the State Government, while Vedanta Aluminium had some issues related with the captive power plant that has to be resolved with the State Government.

It is noteworthy to mention that Posco’s subsidiary Posco India Pvt Ltd had received in-principle approval from the BoA for setting up the Special Economic Zone (SEZ) at Jagatsinghpur which was valid till October 2011.

Similarly Vedanta Aluminium’s SEZ was notified in 2007 for setting up of a zone for manufacture and export of aluminum in Odisha and the extension was granted till May 2010.