"The BoA will take up more than 100 proposals related to different sectors such as IT and biotech... some applications are for multi-product zones as well," G K Pillai, special secretary in the commerce ministry, said on Tuesday.
Of these, 55 applicants have already secured the requisite land for setting up the zones, he said at a CII seminar on India-Singapore Comprehensive Economic Cooperation
Agreement. While inviting Singapore companies to invest, Pillai also suggested that they could tie up with a local company for setting up SEZs.
Pillai said the total land that has already been identified by these 55 prospective developers is an estimated 60 million square feet of built-up space.
"We had earlier estimated the requirement of 210 million square feet of land for SEZs in the next five year... and in this meeting alone we would be considering applications which account for nearly 25 per cent of the land," he said.
The meeting will take up both pending applications that were submitted prior to the notification of rules as also new applications, the deadline for which was March 1.
The BoA has not considered any proposal since November 2005, as it was awaiting the implementation of SEZ Act and Rules. The Act and Rules came into affect from February 10.
The applicants, who had submitted their papers for setting up SEZs prior to notification of the SEZ rules, had to submit their applications afresh in the new format prescribed under the Rules.
Among the proposals to be considered in the meeting include seven from the Maharashtra Industrial Development Corporation, one from Mahindra Gesco, two each from Overseas Infrastructure Alliance and Electronics Corporation of Tamil Nadu and five from Satyam Computer Services Ltd.
Besides, there are proposals for setting up IT related SEZs, textiles and garments, multi-products and pharmaceuticals.
The government has so far approved 117 Special Economic Zones, including 51 to whom in-principle clearance has been given. These SEZs are spread over 15 states and two union territories.
Of these, 28 will be multi-product ones, 55 would be in IT, four in pharmaceutical and three each in gems and jewellery, handicraft, apparel and auto components.
Reliance Industries, Reliance Energy, Nokia, Mahindra and Mahindra, Wipro, Ranbaxy, Biocon and Adani Exports are among the corporate giants, who have already received approvals to set up such zones in various states.
The government is expecting that the SEZs would attract Rs 1,00,000 crore (Rs 1000 billion) investment and generate five lakh jobs in next three years.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group.