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Lupin seeks more time from commerce ministry to complete Indore SEZ project

Date: 19-04-2019
Subject: Lupin seeks more time from commerce ministry to complete Indore SEZ project
New Delhi: Drug firm LupinNSE 0.34 % has sought more time from the commerce ministry to complete its project, with proposed investment of Rs 205.69 crore, in the Indore Special Economic Zone (SEZ). 

The company is setting up its pharma unit in Indore SEZ to manufacture pharmaceutical formulations - metered dose inhalers and dry powder inhalers. 

Lupin's plea for extension of time will be considered by the highest decision making body of SEZs - Board of Approval (BoA) - in its meeting on April 22 here. 

Lupin has requested "for extension of letter of permission (LoP) beyond April 11, 2019 for one year up to April 11, 2020," according to the agenda of the meeting circulated by the ministry. 

The company received the LoP on April 12, 2016. It has already received two extensions, valid till April 11 this year. 

The Development Commissioner (DC) of Indore SEZ has recommended the company's request to BoA as the "unit has made expenditure of Rs 43.11 crore till March 28 and the construction activities are in full swing and are expected to be completed by November 2019," it said. 

It added that the unit has expressed its commitment to commence production before March 2020. 

The company has stated that "the delay in apportionment of land resulted in delayed start of the project," the agenda said. 

As per SEZ rules, DC is authorised to grant extension of validity of LoP beyond second year of expiry of the original validity. But, it is subject to a condition that two-thirds of the activities including construction relating to setting up of the unit is complete and a chartered engineer's certificate to this effect is submitted by the entrepreneur. 

If these conditions are not met, then the unit has to approach the BoA for seeking more time. 

"In this case, however, the requisite two-thirds activities have not been completed as the unit is still under construction. The unit had submitted the CA certificate," it added. 

SEZs are export hubs and units in these zones enjoy certain tax benefits and single window system for different approvals. 

Source: economictimes.indiatimes.com

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