Special Economic Zone (SEZ) Special Economic Zone (SEZ) –– An OverviewAn Overview

Real Estate & Construction Legal Summit 201225th May, 2012 ,New Delhi

Amitabh ChaturvediManaging Partner, MINE & YOUNG, New Delhi

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ContentsContentsI. IntroductionII. Incentives & FacilitiesIII. Physical ConceptIV. Formats for SEZ’s in IndiaV. Legal FrameworkVI. Institutional FrameworkVII. Approval ProcedureVIII. Setting up of UnitIX. Exit of UnitsX. Advantages and DisadvantagesXI. Issues XII. SEZ’s and M&Y

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Part I Part I –– IntroductionIntroduction

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What are SEZs ?What are SEZs ?SE

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Delineated duty-free enclaves treated as a foreign territory for the purpose of trade operations, duties and tariffs

Developed in the public, private or joint sectors, or by the State Governments or any person for manufacture of goods or rendering services or both or as a FTWZ

Net foreign exchange earner but not subjected to any predetermined value addition or minimum export requirements

Service-sector driven growth where employment generation potential is limited.

Share of manufacturing remains almost constant at 16-17%.

Agriculture contributes less than 20% but over 60% people are dependent on agriculture and allied activities.

A case study of Faizabad : 5 families multiplied to 300 families over time, cultivable land remains 1100 acres. No “break even” in many cases.

Alternative for employment opportunities.

Need to improve investment climate to promote manufacturing but resources are limited.

Attracting investment and promoting exports and industrialization.

Why SEZs ?Why SEZs ?5

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Sector wise SEZ SnapshotSector wise SEZ Snapshot 6

•Source: www.sezindia.nic.in

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•Source: www.sezindia.nic.in

State wise SEZ SnapshotState wise SEZ Snapshot7

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Part II Part II –– Incentives & Incentives & FacilitiesFacilities

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Incentives & FacilitiesIncentives & Facilities

Regulatory exemptions Tax benefitsEnvironment Company’s ActLabour LawsDomestic Tariff AreasSub-contracting

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Regulatory Exemptions Regulatory Exemptions 10

SEZ Act provides for a blanket exemption against taxes, duties and cess levied by the following Acts:

The Agricultural Produce Cess Act, 1940 The Coffee Act, 1942The Mica Mines Labour Welfare Fund Act, 1946 The Rubber Act, 1947 The Tea Act, 1953The Salt Cess Act, 1953The Jute Manufactures Cess Act, 1983The Medicinal and Toilet Preparations (Excise Duties) Act, 1955The Additional Duties of Excise (Goods of Special Importance) Act, 1957 The Sugar (Regulation of Production) Act, 1961

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Exemptions of other ActsExemptions of other Acts11

The Textiles Committee Act, 1963The Produce Cess Act, 1966The Marine Products Export Development Authority Act, 1972The Coal Mines (Conservation and development Act, 1974The Oil Industry (Development) Act, 1974The Tobacco Cess Act, 1975The Sugar Cess Act, 1982The Additional Duties of Excise (Textile and Textile Articles) Act, 1978The Agricultural and Processed Food Products Export CessAct, 1985The Spices Cess Act, 1986 The Research and Development Cess Act, 1986

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Tax BenefitsTax Benefits12

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Results of BenefitsResults of Benefits

Reduced cost of infrastructure Reduced cost of utilitiesReduced cost of raw material Reduced cost of capital Reduced cost of manpowerReduced cost of enabled Baskets of benefits leading to global competitiveness

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Part III Part III –– Physical ConceptPhysical Concept

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SEZ SEZ -- Physical ConceptPhysical Concept15

Developer may allot the land in the non-Processing area for business and social purpose such as:

Educational institutions . Hospital Hotels Recreation & entertainment facilities Residential & business complexesDTA units not allowed to set up Facilities such as Free Trade & Warehousing Zones, International Financial Services Centre may be approved for establishment within the Processing Area

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SEZ SEZ -- Physical ConceptPhysical Concept16

The Development Commissioner (DC) of the SEZ responsible for demarcating areas land/ built-up

space in the processing area to be leased

To entrepreneurs holding valid letters of approval, with lease period co-terminus with LOAFor facilities exclusive to canteens, public telephone booths, first aid centers, crèches, etc. To a person desiring to create infrastructure facilities for useby prospective units

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Processing and NonProcessing and Non--processing Areaprocessing Area17

The areas falling within the Special Economic Zones may be demarcated by the Central Government or any authority specified by it as—

The Processing Area is used for setting up units for the manufacture of goods, or rendering services; or the area exclusively for trading or warehousing purposes.

The non-processing areas for activities other than those specified under clause (a) or clause (b). [no vacant land in the non-processing area shall be leased for business and social purposes such as educational institutions, hospitals, hotels, recreation and entertainment facilities, residential and business complex, to any person except a co-developer approved by the board provided that the developer/ co-developer may lease the completed infrastructure along with vacant land appurtenant thereto for such purposes] 16th March 2007

[Refer Section 6 of SEZ, Act, 2005 and Rule (10) of SEZ Rules, 2006]

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Part IV Part IV –– Formats for Formats for SEZSEZ’’ss in Indiain India

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Types of SEZTypes of SEZ19

Sector Specific SEZ- units may be set up formanufacture of one or more goods in a sectorrendering of one or more services in a sector

Multi-product SEZ- units may be set up formanufacture of two or more goods in a sector or goods falling in two or more sectors trading and warehousing rendering of two or more services in a sector or services falling in two or more sectors

Other SEZ’sSEZ in a port airportSEZ for Free Trade and Warehousing

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Minimum Land Requirement Minimum Land Requirement 20

*In selected states like Goa, Meghalaya, Tripura, Assam, Sikkim, UTs, etc.

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Minimum Investment RequirementsMinimum Investment Requirements21

Sector Specific SEZ’sInvestment should be more than Rs. 250 crores or Net worth* of Rs. 50 crores

Multi product SEZ’sInvestment should be more than Rs. 1000 crores or Net worth* of Rs. 250 crores

BoA may however consider proposals not meeting minimum investment/net worth criteria on merits of required

*Net worth of promoter company along with group companies and the flagship companies to

be considered for the purpose of calculation of net worth

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Part V Part V –– Legal FrameworkLegal Framework

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SEZ SEZ -- Legislative frameworkLegislative framework23

SEZ Act 2005

Basic framework for construction, development, operation & maintenance of SEZs and availability of various tax and other fiscal incentives

Note: Provisions of SEZ Act shall override inconsistent provisions of any other law in force.

Rules & regulations defining guidelines and procedures for effective operation of the SEZ Act 2005

SEZ Rules 2006

Prescribes guidelines and various policies for giving effect to SEZ Act 2005Provides for substantive & procedural benefits offered by the State to SEZ developers & units

State SEZ Policy

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SEZ SEZ -- Important TerminologiesImportant TerminologiesPerson who obtains LoA from the Central Government to establish the SEZ and undertakes authorized operations.

Contractor can be appointed by Developer/ Co-Developer to undertake authorized operations in SEZ (exemptions, concessions may be available)

Units can be set up in an SEZ for manufacturing, rendering of services, trading, warehousing etc

DeveloperDeveloper

ContractorContractor

SEZ unitsSEZ units

Co-developer is a person who intends to provide infrastructural facilities in an SEZ along with a developerCo-DeveloperCo-Developer

Operations authorized by the BoA (in case of Developer) or DC (in case of Units)Authorized Operations Authorized Operations

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SEZ SEZ -- Important TerminologiesImportant Terminologiesa person who has been granted a letter of approval by the Development Commissioner under sub-section (9) of section 15

Service implies in any sector except services supplied in the exercise of governmental authority and a “service” supplied in the exercise of governmental authority" means any service which is supplied neither on a commercial basis, nor in competition with one or more service suppliers

Taking goods, or providing services, out of India from a Special Economic Zone, by land sea or air or by any other mode, whether physical or otherwise; or Supplying goods, or providing services, from Domestic Tariff Area to a unit or developer; or Supplying goods, or providing services, form one unit to another or developer, in the same or different Special Economic Zone

EntrepreneurEntrepreneur

ServiceService

ExportExport

to make, produce, fabricate, assemble, process or bring into existence, by hand or by machine, a new product having a distinctive name, character or use; and shall included processes such as refrigeration, cutting, polishing, blending, repair, remaking, re-engineering and includes agriculture, aquaculture, animal husbandry, floriculture, horticulture, pisciculture, poultry, sericulture, viticulture and mining

ManufactureManufacture

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Part VI Part VI –– Institutional FrameworkInstitutional Framework

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Institutional Framework Institutional Framework -- OverviewOverview27

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Who Can Apply ?Who Can Apply ?28

[Incorporating provisions of SEZ Act, 2005 SEZ Rules, 2006]

Who can make the Application for setting up of SEZ?A Special Economic Zone may be established under this Act, either jointly or

severally by:Central Government, State Government, or Any person

for manufacture of goods or rendering services or for both or as a Free Trade and Warehousing Zone

[Refer section 3, sub-section (1) of SEZ Act, 2005]

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PersonPerson29

Local authority and any agency or

Association of Person (AOP) or body of individuals (BOI) (whether incorporated or not) or

A Company Incorporated in India or outside India or

Co-operative society or

Firm or

Proprietary concern or

Hindu undivided family (Whether incorporated or not) or

An Individual or (Resident in India or abroad) or

An office or branch owned or controlled by above

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Part VII Part VII –– Approval ProcedureApproval Procedure

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ApplicationApplication31

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SEZ ApprovalSEZ Approval32

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NotificationNotification33

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OperationsOperations34

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Operations Operations Authorized Operations mean operations which may be authorized by central government and such operations shall be mentioned in Letter of Approval. Sec 4 (2) And Sec 15 (9)

Example: List of approved activities by BOA for certain SEZsLand & Site Development Utilities Security System

Telecomm/ Infocomm /Communication facilities Facilities & Infrastructure Waterside Infrastructure Trading HubCommon facilities & Services Social Infrastructure

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ProcedureProcedure36

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Procedure (continued)Procedure (continued)37

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Part VIII Part VIII –– Setting up of UnitSetting up of Unit

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Part VIII Part VIII –– Setting up of UnitSetting up of Unit

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Units eligible in SEZUnits eligible in SEZ39

New units

For manufacture of goodsFor provision of services Carrying on the activities of trading and warehousing

Existing units

Any Unit which has been set up on or has been functioning in any existing SEZ before the commencement of this SEZ Act, 2005

Offshore Banking units

A branch of a bank located in a SEZ and which has obtained necessary permission from the RBI

Central Government may also permit setting up and operation of one International Financial Services Centre in a SEZ

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Unit Approval Process Unit Approval Process 40

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Unit Approval Process (continued)Unit Approval Process (continued)41

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Unit Approval Process (continued)Unit Approval Process (continued)42

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Obligation of an Unit Obligation of an Unit 43

To achieve positive net foreign exchange earning (NFE)

To provided periodic reports to the Development Commissioner & Zone Customs

To execute a bond cum Legal Undertaking with the Zone Customs for their operation in the SEZ

Any company set up with FDI has to be incorporated under the Indian Companies Act with the Registrar of Companies of undertaking India operations

To fulfill the environmental and pollution control norms

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Part IX Part IX –– Exit of UnitsExit of Units

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Exit of Units Exit of Units 45

The SEZ Unit may opt out of Special Economic Zone with the approval of the Development Commissioner

Such exit shall be subject to payment of applicable duties on the imported or indigenous capital goods, raw materials, components,consumables , spares and finished goods in stock

If the unit has not achieved positive Net Foreign Exchange, the exit shall be subject to penalty that may be imposed under the Foreign Trade (Development and Regulation), Act, 1992

The Unit shall continue to be treated a unit till the date of final exit.(Rule 74 of Special Economic Zones, 2006)

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Notified SEZ Notified SEZ (De(De--Notified later)Notified later)46

Sr. No. Name of the Developer

Location Type Acres (Ha.) Notification Year

De-notification Year

1 Lahari Infrastructure Limited

Ranga Reddy District, Andhra Pradesh

Service Sector 108.49 2007 2010

2 Shivajimarg Properties Limited

15, Shivaji Marg, National Capital Territory of Delhi

IT/ITeS 10.021 2008 2009

3 Essar Hazira SEZ Limited

Village Hazira, Taluka Choryasi, Gujarat

Engineering Products

178.5874 2006 2010

4 DLF Limited Gandhinagar District, Gujarat

IT/ITeS 10.12 2008 2010

5 DLF Limited Sonipat, Haryana

IT/ITeS 10.2498 2008 2009

6 Airmid Developers Limited.

Village Pawala Khustupur, gurgaon, Haryana

IT/ITeS 11.6627 2009 2012

7 TCG Urban Infrastructure Holdings Limited

Ernakulam, District Kerala

Biotechnology 12.141 2009 2010

8 Medicaps IT Park Private Limited

District Indore, Madhya Pradesh

IT 11.936 2006 2011

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Notified SEZ Notified SEZ (De(De--Notified later) Notified later) -- continuedcontinued9 K. Raheja

Universal Private Limited

Taluka-Thane, Navi Mumbai

IT/ITES 13.07 1437(E), Dt. 21st August 07

2010

10 Omnibus Industrial Development Corporation of Daman and Diu and Dadar and Nagar Haveli Limited.

District Naroli of Dadra and Nagar

IT/ITES 12.81 2009 2011

11 M/s. JSL Limited (Formerly, M/s. Jindal Stainless Limited)

Kalinganagar, Orissa

Stainless Steel and ancillary/downstre am industry

142.115 2007 2011

12 DLF Limited District Khurda, Orissa

IT/ITES 10.239 2008 2009

13 NSL SEZ (Chennai) Pvt. Ltd. (Zillion Estates Pvt. Ltd.)

District Kancheepuram, Tamil Nadu

IT/ITES 18.6 709(E), Dt. 3rd May'07

2012

14 Estra Park Private Limited

Aiyappanthangal, Porur, Chennai, Tamil Nadu

IT/ITES 10.194 2008 2012

15 State Infrastrucure and Indistural Development Corporation of Uttarakhand Limited (SIDCUL)

Dhoran Khas, Danda Dehradun, Uttarakhand

IT/ITES 14.6 2008 2009

16 Oval Developers Pvt. Ltd.

District-24 Parganas(South), West Bengal

Electronic hardware and software

11.78 2007 2011

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Formally Approved Formally Approved (De(De--notified Later)notified Later)Sr. No. Name of the developer Location Type Acres (Ha.)

1 Sundari Theme Ventures Private Limited

R.R. District, Andhra Pradesh

Biotech 10.12

2 Alok Infrastructure Private Limited

Village Surangi near Silvassa in the Union Territory of Dadra and Nagar Haveli

Textiles 80

3 Strength Real Estate Private Limited

District Vadodara, Gujarat

IT/ITeS 13.74

4 Divyasree Infrastructure Bellandur Amani Kane, Off Airport Road, Bangalore, Karnataka

IT/ITeS 20.234

5 Hebe Infracon Private Ltd. Anekal Taluk, Bangalore Urban District

Electronic Hardware, Software & IT/ITeS

10.265

6 Maharashtra Industrial Development Corporation Ltd.

Distt Thane, Maharashtra IT/ITeS 16.5

7 Maharashtra Industrial Development Corporation Ltd.

Chandrapur District, Maharashtra

Power generation 1100

8 Maharashtra Industrial Development Corporation Ltd.

Usar, Raigarh Dist., Maharashtra

Power generation 103

9 Maharashtra Industrial Development Corporation Ltd.

Ranjangaon, District Pune, Maharashtra

Biotech and Related activities

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Formally Approved Formally Approved (De(De--notified Later) notified Later) -- continuedcontinued

Sr. No. Name of the developer Location Type Acres (Ha.)

10 Glenmark Pharmaceuticals Ltd. Plot No. B-25, Shendra Five Star Industrial Area, Maharashtra

Biotechnology 11.89

11 Indo Global Infotech City Private Limited Village Hinjawadi, Taluka Mulshi, Pune, Maharashtra

IT/ITeS 13.35

12 D.S. Kulkarni Developers Limited Village Fursungi, Tq. Haveli Distt. Pune, Maharashtra

Multi-services 101.2

13 Larsen & Toubro Ltd. Powai, Mumbai, Maharashtra IT/ITeS 10

14 Uttar Pradesh State Industrial Development Corporation Ltd.(UPSIDC)

Tronica City, Ghaziabad, UP IT/ITeS 10.975

15 Shantineketan Infrastructure Pvt. Ltd. Bolpur, Shantiniketan, W.B. IT 80.334

16 Videocon Reality and Infrastructures Limited

Jalpaiguri, West Bengal IT/ITES including Electronic Hardware

10

17 JSW Bengal Steel Limited Godapiasal, Alboni, West Medinipur in the State of West Bengal

Steel 1804

18 Juventus Builders and Developers Private Limited

District Raigarh, Maharashtra IT/ITeS 10.12

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Part X Part X –– Advantages and Advantages and DisadvantagesDisadvantages

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AdvantagesAdvantages15 year corporate tax holiday on export profit – 100% for initial 5 years, 50% for the next 5 years and up to 50% for the balance 5 years equivalent to profits ploughed back for investmentAllowed to carry forward lossesNo licence required for importDuty free import or domestic procurement of goodsGoods imported/procured locally are duty free and could be utilized over the approval period of 5 yearsExemption from customs duty on import of capital goods, raw materials, consumables, spares, etc.Exemption from Central Excise duty on the procurement of capital goods, raw materials, and consumable spares, etc. from the domestic market.Exemption from payment of Central Sales Tax on the sale or purchase of goods, provided that, the goods are meant for undertaking authorized operations.Exemption from payment of Service Tax

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AdvantagesAdvantagesThe sale of goods or merchandise that is manufactured outside the SEZ (i.e, in DTA) and which is purchased by the Unit (situated in the SEZ) is eligible for deduction and such sale would be deemed to be exports

The SEZ unit is permitted to realize and repatriate to India the full export value of goods or software within a period of twelve months from the date of export

“Write-off” of unrealized export bills is permitted up to an annual limit of 5% of their average annual realization

No routine examination by Customs officials of export and import cargoSetting up Off-shore Banking Units (OBU) allowed in SEZsOBU's allowed 100% income tax exemption on profit earned for three years and 50 % for next two yearsExemption from requirement of domicile in India for 12 months prior to appointment as DirectorSince SEZ units are considered as ‘public utility services’, no strikes would be allowed in such companies without giving the employer 6 weeks prior notice in addition to the other conditions mentioned in the Industrial Disputes Act, 1947

The Government has exempted SEZ Units from the payment of stamp duty and registration fees on the lease/license of plots

External Commercial Borrowings up to $ 500 million a year allowed without any maturity restrictions

Enhanced limit of Rs. 2.40 crores per annum allowed for managerial remuneration

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Benefits of Eclectic approachBenefits of Eclectic approach53

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Contribution of EPZs to industrial growth Contribution of EPZs to industrial growth / diversification: a qualitative analysis/ diversification: a qualitative analysis

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Human development and povertyHuman development and poverty55

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DisadvantagesDisadvantagesRevenue losses because of the various tax

exemptions and incentives.

Many traders are interested in SEZ, so that they can acquire at cheap rates and create a land bank for themselves.

The number of units applying for setting up EOU's is not commensurate to the number of applications for setting up SEZ's leading to a belief that this project may not match up to expectations.

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CostsCostsQuantifiable

SEZ development cost – not incurred by the governmentRevenue Loss ( Tax and other investment incentives)Operational Costs

Non quantifiable Resource transfer from the domestic sector to SEZ with no net addition to the economic activities (relocation and substitutioneffect)Land acquisition without adequate compensationImpoverishment of farmers; loss of agricultural landMisuse of land for real estate

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Costs : A qualitative AnalysisCosts : A qualitative AnalysisRelocation : Misplaced. but in the IT sector substitution effect

Land Acquisition : Needs serious research, should not be left to the

private parties.

Loss of agricultural land : Need to create “land bank” along the lines of

TN.

Impoverishment of farmers: Needs research. But sharp rise in land

prices, Huge compensations, They must be offered specifically designed

investment plans for these funds to ensure regular incomes. This may

provide them security.

Misuse of land for real estate : Need for new exit policy and regular

monitoring

Uneven growth : misplaced

Unequal treatment with exporters : Tax incentives to STPLs and EOUs.

A large number of IT sector SEZs : Once STPI incentives restored, this

issue will be addressed.

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Tax Losses as proportion of incremental investmentTax Losses as proportion of incremental investment

Year Tax losses as % of actual investment

2007 8.58

2008 11.81

2009 14.24

Average 12.16

Year Direct tax loss (Rs. Cr) Indirect tax loss (Rs. Cr)

2007 2113. 2178.7047

2008 6349.5 3094.5933

2009 10911.1 3330.504

2010 8034.4 763.2405

2011 5911.6 138.771

Total 33320.0 9505.8

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Part XI Part XI –– IssuesIssues

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Major IssuesMajor Issues61

Land Acquisition

Role of State Govt. in Land Acquisition

Compensation Packages to land owners

Rehabilitation packages for displaced farmers

State Govt.’s commitment to create infrastructure

Time frame for operationalisation

Control over SEZs – MoC or MoF

Amendments to Laws and Rules

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Part XII Part XII –– M&Y in SEZ SpaceM&Y in SEZ Space

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Mine & Young in SEZ Space Mine & Young in SEZ Space 63

Associated with more than 20 SEZ’s and FTWZ’s in the country in a pure advisory RoleEquity Stake in SPVs for SEZ DevelopmentTotal area of the SEZs is around 20000 AcresInvestment in these SEZs is close to Rs. 100 Billion

M&Y provides legal assistance in:Regulatory ApprovalsCarrying out Project Development ActivitiesIdentification of Co-developer/ Strategic Partner/ ContractorProject Finance / Funds Syndication

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M&Y in SEZ DevelopmentM&Y in SEZ DevelopmentStage I : Project Preparatory Activity

Stage II: Project Development ActivitySEZ approvalsSEZ notificationState support assistanceBusiness plan & financial modelingOther regulatory & statutory approvalsRisk management frameworkProposal for government grants (if any)Strategy for co-developers/ partners

Stage III: Project Implementation Structure

Stage IV: Project FinancingProject bundling/ unbundling – Legal requirementsAchieving Financial closure – Documentation Project execution and O&M arrangementsFinancial structuringLegal assistance

Stage V: Project Execution

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Amitabh Chaturvedi, Managing PartnerC-346, Defence Colony, New Delhi - 110 024, India

Tel: +91 -11 243-375-72, 243-375-73Fax: +91-11-243-375-74

Email: info@mineandyoung.com / minenyoung@gmail.com

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Amitabh Chaturvedi, Managing PartnerC-346, Defence Colony, New Delhi - 110 024, India

Tel: +91 -11 243-375-72, 243-375-73Fax: +91-11-243-375-74

Email: info@mineandyoung.com / minenyoung@gmail.com

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