The government on Monday approved 22 proposals for establishing special economic zones (SEZ), including those of real estate major Emaar MGF Land in Tamil Nadu and Reddy`s Laboratories in Andhra Pradesh.
The board of approval (BOA) in the commerce ministry gave 19 formal approvals, while three were given in-principle clearances.
The BOA, chaired by commerce secretary G K Pillai considered 38 proposals in all.
While the slump in the real estate market has impacted the SEZ development, the IT (information technology) and IT-enabled services continue to attract maximum investment among the developers.
Of the proposals cleared, nine is related to IT sector. Other applications that received green signal included those relating to the pharmaceutical and paper and paper products.
Emaar MGF Land would be developing an IT-ITeS zone at Coimbatore and Dr Reddy Laboratories SEZ in Andhra Pradesh concerning pharmaceuticals would come up at Srikakulam district.
Hindustan Newsprint is promoting an SEZ for pulp and paper in Kerala. The government has so far notified 270 SEZs with total investment of Rs 834.5 billion.
With the real estate sector coming under a severe impact of credit scarcity, the pace of SEZ development has slackened.
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