The decision was taken by an inter-ministerial Board of Approval (BoA) chaired by Commerce Secretary S R Rao in its meeting on November 8.
"The Board after deliberations, extended the validity of the formal approval to the requests for extensions beyond fifth year for a period of one year and those beyond sixth year for a period of 6 months from the date of expiry of last extension," minutes of the meeting said.
As many as 30 SEZs have been given more time to execute their projects. Posco-India Pvt Ltd, Unitech Infracon and Lodha Dwellers have also requested for additional time to implement their projects.
The developers had cited reasons like global meltdown and fluctuating market conditions for delay in completion of the projects.
Tata Consultancy Ltd got extension of one year till December 13, 2014 for its IT/ITES in Kolkata. On the other hand, Parsvnath Infra Ltd got six more months for bio-technology SEZ in Andhra Pradesh.
"The Board after deliberations extended the validity of the formal approval (for Parsvnath) up to six months from November 8, 2013 i.e till 8th May, 2014," the minutes said adding Posco-India Pvt Ltd too gets one more year time.
The board also approved two proposals - Kerala State IT Infrastructure Ltd and Transcendent Developers - for setting up of IT zones.
SEZs, which were once major vehicles for investment and export promotion, started losing sheen after the global meltdown and imposition of minimum alternate tax.
However, the government is taking steps to revive interest of investors in SEZs. Recently, it had unveiled a package of reforms including easing of land norms to revive investments in SEZs.
TCS stock price
On November 19, 2013, Tata Consultancy Services closed at Rs 2030.25, down Rs 16.2, or 0.79 percent. The 52-week high of the share was Rs 2258.05 and the 52-week low was Rs 1197.60.
The company's trailing 12-month (TTM) EPS was at Rs 77.28 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 26.27. The latest book value of the company is Rs 165.73 per share. At current value, the price-to-book value of the company is 12.25.
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