MUMBAI: Following relaxation in SEZ norms, debt-laden property developer HDIL has decided to scrap its plan to sell the 70-acre land parcel at Kochi Special Economic Zone and is now looking to construct IT infrastructure there.
“We have decided not to sell the Kochi land parcel. We will go ahead with our plans of developing IT and IT-enabled services infrastructure following the recent Government decision to amend the SEZ Act, especially in the IT/ITeS sector, as this has given us the confidence to relook our plans and develop IT infrastructure,” HDIL Finance Vice-President Hari Prakash Pandey told PTI here.
The company had planned to set up an IT park on the 70-acre land with an investment of Rs 2,300 crore.
However, in June it decided to abandon the project and sell the land to mobilise funds and utilise them for debt repayment as well as for the expansion of the Mumbai metropolitan region.
Pandey said the company will be reworking on the overall master plan in the wake of recent changes in SEZ regulations and taking it forward.
“We will develop the project on our own,” he added.
Last week the Government relaxed SEZ rules concerning minimum land requirement and sale of units to make the scheme more attractive for investors.
The package of reforms includes reducing the minimum land area requirement by half for different categories of SEZs, an exit policy by allowing transfer of ownership of SEZ units including sale and doing away with minimum land requirement criteria for IT/ITES zones.