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Maytas Ventures approaches Govt to surrender
July, 24th 2009

Financially "poor" Maytas Ventures has approached the Centre to surrender its SEZ in Andhra Pradesh, citing economic slowdown and also requested for waiver of over Rs 31 lakh benefit it had availed during the setting up of the project.

Maytas Ventures SEZ Pvt Ltd has approached the Commerce Ministry for surrendering its 14.15 hectare sector-specific SEZ in Ranga Reddy district in Andhra Pradesh.

"The developer has submitted that due to financial recession they have decided to get their SEZ denotified," a source said, adding that the case would be take up by the Board of Approval (BoA) meeting on August 11.

Though the developer has not availed any exemption towards customs duty, excise duty and sales tax for their SEZ but has availed service tax exemption.

"They have availed service tax exemption for Rs 31,46,550 ... requested to waive off (need) to refund the said service tax.. in view of poor financial position," the source said.

Maytas, promoted by kin of B Ramalinga Raju - founder of Satayam Computer, has plans to set up six IT/ITeS SEZs in Andhra Pradesh of which three zones have already been notified by the government and rest are in the process of being granted formal approvals.

The developers of these SEZs are Maytas Enterprises, Maytas Ventures and Maytas Hill Country SEZ. Maytas Enterprises has also been granted one year extension to set up its IT/ITeS SEZ in the Ranaga Reddy district.

 
 
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