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Pradip Overseas scraps textile SEZ for industrial estate
19
Oct '12
Ahmedabad-based home textiles maker Pradip Overseas Ltd. has withdrawn plans to set up textile sector specific special economic zone (SEZ) at Bhamara village in Bawla taluka of Ahmedabad district.
 
The company had earlier proposed to set up an SEZ, notified by the Government of India, over an area of 109.48 hectares. But, it has now scrapped the project owing to imposition of minimum alternate tax (MAT) on units in SEZ and poor response from investors.
 
The Board of Approval for the SEZ has also given a go-ahead to the company’s decision to withdraw their plan to set up textile SEZ.
 
The textile maker now plans to develop the land, purchased by it for developing the textile SEZ, into an industrial estate, where all types of companies can set up their manufacturing units, including textile companies.
 
The proposed industrial estate is likely to attract investments of about Rs. 35 billion, according to the company.
 
The industrial estate project is likely to get completed in five years time, Pradip Karia, Chairman and Managing Director of Pradip Overseas, told a press conference.
 
The new industrial park, when completed, is expected to generate employment opportunities for more than 10,000 people.
 

Fibre2fashion News Desk - India


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