RIL( Reliance Industries Limited) has applied to the Government, requesting it to de- notify over 40% of its SEZ (Special Economic Zone) in Gujarat as it plans to invest Rs. 45,000 crore for its new project in that area.
According to reports, its multi – product SEZ extends to an area of over 1764.14 hectaresand hence appeals to the government for partial de- notification of an area measuring around 728.43 hectares that will set aside an area of 1,035.72 hectares for the multi- product SEZ. Its new investment plan will deal with the domestic market.
Speaking about the plea, The Development Commisioner (DC) of the zone mentioned that the company has requested the government for partial de- notification, in the Domestic Tariff Area (DTA) in Jamnagar near the SEZ,as it intends to roll out new projects over here.
A proposal from the company mentions its investment plans in the area where it would infuse a colossal Rs. 45,000 crore. Led by S R Rao,Commerce Secretary, an inter- ministerial Board of Approval (BoA) will look into the proposal and discuss the issue, on January 18.
RIL’s present key projects include its $ 12 billion investment that caters to expansion in core refining and petrochemical industries and $ 8 billion to augment the production of plastics and polyesters in order to comply with the growing demands andpetroleum -coke gasificationplant for producing synthetic natural gas, involving an investment of $ 8 billion.
SEZ has a capacity of accommodating 580,000 per day that is equal to 29 million tons for a year oil refinery that accommodates fuels for exports to international market including USA, Europe, Venezuela, and Mexico.
At present, there are 55 SEZs in Gujarat spanning an area of across Rs. 27, 125 hectares and has 3 operational zones including Kandla SEZ, SUR SEZ and Surat Apparel Park.The financial year 2012 witnessed an increase in 24% accounting to Rs.2 lakh crorewherein the contribution of RIL is estimated to be around 83% to the state exports, deemed to be 55% of total exports from the country. The company reported 61% growth in petro- chemical shipments from Jamnagar to Rs.1.66 lakhcrore and its physical exports to Rs 1,48,495.96crore.