Gitanjali Gems loses SEZ project.

The government has approved the cancellation of Gitanjali Gems' special economic zone (SEZ) project in Maharashtra.

A decision regarding this was taken by the board of approval, headed by Commerce Secretary Rita Teaotia, during a November 9 meeting, an official said. 'The cancellation, however, is subject to the development commissioner furnishing a certificate that the developer has not availed any tax or duty benefits including under service tax exemptions, if any, under SEZ Act/Rules,' the official added.

The company's gems and jewellery SEZ was notified on June 9, 2008, and a formal approval expired on October 24, 2011. The Development Commissioner of Export Processing Zone had stated that the developer could not get the green zone converted to an industrial zone eight years from the notification.

BS