HCL Technologies is ready to establish a new IT Special Economic Zone (SEZ) in Vijayawada, Andhra Pradesh as the Ministry of Commerce has granted approval.
Led by the Commerce Secretary, Rita Teaotia, the Ministry Board of Approval has given a green signal for the company’s proposal in a meeting on June 19. The IT SEZ would be set up over an investment of Rs 408.8 crores in 10.43 hectares land. The HCL company is already developing an IT SEZ in Noida.
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About 25 percent of the country’s total exports are contributed by IT SEZs and the developers of these enjoy tax benefits besides clearance from a single window mechanism. Involving various sectors such as IT, pharma, textile, food processing, leather, biotechnology and diamond polishing, a total number of 223 SEZs with 5,146 units are established in the country. Most of these zones function in Telangana, Tamil Nadu, Karnataka, and Maharashtra.
Credits: The Economic Times
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