OIL & GAS

Cochin SEZ seeks more time to put house in order after GAIL exit

The port-based SEZ being developed by Cochin Port Trust in Puthuvypeen Ernakulam has asked for more time for de-notification of the area earlier occupied by a unit by GAIL, which has now exited the zone, and the construction of the boundary wall, as directed by the Board of Approval (BoA) for SEZs last year.

The Indian Oil Corporation Limited (IOCL) has now got its own proposal for setting up a unit in the SEZ to manufacture and export lubricant cleared by the Unit Approval Committee last month while Petronet Limited, too, has shown interest in setting up a unit, the Development Commissioner (DC) of the Cochin SEZ (CSEZ) said in a recent submission to the BoA. “The request of the developer for extension of time for compliance of BoA directions regarding de-notification and construction of compound wall for a period of six months, till August 31 2021, may be considered. Chairperson, Cochin Port Trust may also be invited to the BoA to present the case,” the DC proposed.

Decision-making body
The BoA, which is the top decision making body for SEZs and is headed by the Commerce Secretary, is likely to consider CSEZ’s request for more time in its meeting on March 18. The fact that IOCL has received approval for a unit in the SEZ is likely to go in favour of the developer, an official tracking the matter told BusinessLine.

The port-based SEZ being developed by Cochin Port Trust in Puthuvypeen Ernakulam has asked for more time for de-notification of the area earlier occupied by a unit by GAIL, which has now exited the zone, and the construction of the boundary wall, as directed by the Board of Approval (BoA) for SEZs last year.

The Indian Oil Corporation Limited (IOCL) has now got its own proposal for setting up a unit in the SEZ to manufacture and export lubricant cleared by the Unit Approval Committee last month while Petronet Limited, too, has shown interest in setting up a unit, the Development Commissioner (DC) of the Cochin SEZ (CSEZ) said in a recent submission to the BoA. “The request of the developer for extension of time for compliance of BoA directions regarding de-notification and construction of compound wall for a period of six months, till August 31 2021, may be considered. Chairperson, Cochin Port Trust may also be invited to the BoA to present the case,” the DC proposed.

Decision-making body
The BoA, which is the top decision making body for SEZs and is headed by the Commerce Secretary, is likely to consider CSEZ’s request for more time in its meeting on March 18. The fact that IOCL has received approval for a unit in the SEZ is likely to go in favour of the developer, an official tracking the matter told BusinessLine.

Sometime ago, the DC, CSEZ came across some “serious lapses” in the Puthuvypeen SEZ. It observed that the zone did not have a secured compound wall

Source
the hindu businessline
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