Wipro Seeks Govt. Approval For IT SEZ In Kolkata

by CXOtoday News Desk    Jun 17, 2016

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IT major Wipro has asked for government’s nod to set up an IT special economic zone (SEZ) over an area of 19.76 hectares in Kolkata, as per reports. 

The proposal will be considered by the inter-ministerial body, Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, in the meeting on June 22, according to reports.

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“Development Commissioner of Falta Special Economic Zone has recommended for in-principal approval (of the proposal). State government’s recommendation is awaited. The proposal of the developer is submitted for consideration of BoA,” it added. 

The board would also take the case of Devbhumi Realtors Pvt Ltd, which wants to surrender its IT zone in Telangana. 

Wipro Ltd ended at INR 549.85, up by INR 3.25 or 0.59 per cent from its previous closing of INR 546.6 on the BSE.

Besides, nine SEZ developers and units including Gulf Oil Corporation BSE 1.30 per cent and Lanco Solar have sought more time from the government for implementing their projects. 

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The BSE group ‘A’ stock of face value INR 2 touched a 52 week high of INR 613 on 01-Oct-2015 and a 52-week low of INR 508.9 on 29-Feb-2016. Last one week’s high and low of the scrip stood at INR 547.5 and INR 539.2 respectively.

The promoters holding in the company stood at 73.34 per cent while Institutions and Non-Institutions held 16.18 per cent and 9.87 per cent respectively.

The stock traded above its 200 DMA.

SEZs are exports hubs which contribute about 23 per cent to the country’s total outbound shipments. 

The commerce ministry is taking steps to revive investors interest in these zones.