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New Delhi, The inter-ministerial board of approval, on request of a developer of an IT/ITeS sector special economic zone, can permit demarcation of non-processing area of that zone, according to an official notification. The inter-ministerial Board of Approval is the highest decision making body on <keyword id="69055" type="General" weightage="20" keywordseo="special-economic-zones" source="Orion">special economic zones</keyword> (SEZs). It is chaired by the commerce secretary. The <keyword id="6365809" type="General" weightage="20" keywordseo="commerce-ministry" source="Orion">commerce ministry</keyword>'s notification said that a non-processing area under such SEZs can be used for setting up and operation of businesses engaged in Information Technology (IT) or Information Technology Enabled services (ITeS) sector. For this, the ministry has amended the Special Economic Zones (Fifth Amendment) Rules, 2023. Inserting a new rule, the notification said: "...the Board of Approval, on request of a developer of an IT or ITeS SEZs, may permit demarcation of a portion of the built-up area of an IT or ITeS SEZ as a non-processing area of the IT or ITeS SEZ to be called a non-processing area." In the processing area, units are located for manufacturing of goods or rendering of services. Non-processing areas are where supporting infrastructure is created. It also said that the board would permit the demarcation "only" after repayment, without interest, by the developer. "Demarcation of a non-processing area shall not be allowed if it results in decreasing the processing area to less than fifty per cent of the total area...," it added. The notification also said that the businesses engaged in these zones in a non-processing area would not avail any rights or facilities available to SEZ units. It added that no tax benefits shall be available on operation and maintenance of common infrastructure and facilities of such an IT/ITeS zone. Welcoming the move, Sanjay Dutt, MD &amp; CEO, <keyword id="672851" type="General" weightage="50" keywordseo="tata-realty-and-infrastructure-ltd" source="Orion">Tata Realty and Infrastructure Ltd</keyword>, said that this revised policy not only facilitates the expansion of companies' office spaces but also extends the benefits of SEZ areas to non-SEZ entities. "It's a proactive move by the government, optimizing the utilization of real estate resources," he said, adding, "presently, the country boasts around 170 million square feet of ready IT SEZ office space in the top 6 cities, with nearly 20 per cent (over 30 million square feet) lying vacant. Additionally, about 10 million square feet of SEZ spaces are under construction and set to be completed within the next 2 years."

Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

The <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> has approved a ₹1,814 crore resolution plan for the private hill station <keyword id="136664" type="General" weightage="80" keywordseo="lavasa" source="Orion">Lavasa</keyword>, nearly five years after the initiation of the <keyword id="128499" type="General" weightage="80" keywordseo="insolvency" source="Orion">insolvency</keyword> resolution process. <keyword id="12809273" type="General" weightage="50" keywordseo="darwin-platform-infrastructure-ltd" source="Orion">Darwin Platform Infrastructure Ltd</keyword> (DPIL) has emerged as the winning bidder for <keyword id="201476" type="General" weightage="50" keywordseo="lavasa-corporation-ltd" source="Orion">Lavasa Corporation Ltd</keyword>, which is primarily into the business of the development of the private hill station by the same name in Pune. In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of ₹1,814 crore. The amount includes a "resolution plan amount of ₹1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being equity, Project inflows, loans, advances or a combination thereof," the order said. The corporate debtor is Lavasa. A monitoring committee comprising the insolvency professional (earlier resolution professional), one representative each from financial creditors and <keyword id="12585854" type="General" weightage="100" keywordseo="darwin-platform" source="Orion">Darwin Platform</keyword> will supervise the implementation of the resolution plan. "The resolution plan meets the necessary statutory requirements under the Code as well as the regulations, we hereby approve the same," the <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> said. The petition for the insolvency resolution process under the Insolvency and Bankruptcy Code (<keyword id="192838" type="General" weightage="50" keywordseo="ibc" source="Orion">IBC</keyword>) was initiated in August 2018. Set up in 2010 and a part of the <keyword id="7634213" type="General" weightage="50" keywordseo="darwin-platform-group" source="Orion">Darwin Platform Group</keyword>, promoted by <keyword id="14721127" type="General" weightage="50" keywordseo="ajay-harinath" source="Orion">Ajay Harinath</keyword> Singh, DPIL is engaged in infrastructure contracts and services and caters to various segments like infrastructure, refineries, retail and hospitality, among others. "The NCLT has entrusted us with a challenging task to develop an ambitious world-class smart city in the country. The verdict would reinforce our commitment to nation-building. Lavasa is now on the cusp of a remarkable resurgence. DPIL is committed to executing the plan as per the schedule proposed to the CoC. We are very eager to revitalise this ambitious project," Singh said in a statement. Giving assurance to homebuyers, he said, "The plight of homebuyers, along with the concerns of secured financial creditors, would not go unnoticed by DPIL. The company promises to include the stakeholders in the revival process and prioritise their needs". SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/cars-and-suv-with-sunroof-under-10-lakh-in-india/slidelist/102017132.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-suv-with-sunroof-under-10-lakh-in-india/slidelist/102017132.cms" target="_blank">Tata Altroz becomes cheapest car with a sunroof – Cars under ₹10 lakh with this feature</a><a href="https://www.businessinsider.in/tech/mobile/news/oppo-reno-10-vs-oneplus-nord-3-mid-range-smartphones-compared-price-specs-and-more/slidelist/102005130.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oppo-reno-10-vs-oneplus-nord-3-mid-range-smartphones-compared-price-specs-and-more/slidelist/102005130.cms" target="_blank">Oppo Reno 10 vs OnePlus Nord 3 - The camera vs processor clash in the mid-range segment</a> <a href="https://www.businessinsider.in/business/news/netflix-india-ends-password-sharing-outside-households/articleshow/101976844.cms">Netflix India ends password sharing outside households – Here’s how it will work</a>

NCLT approves ₹1,814 crore resolution plan for Lavasa: Darwin Platform winning bidder

<keyword id="20113876" type="General" weightage="20" keywordseo="Adani-Enterprises-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises Ltd" meta.hostid="267" meta.entityid="Adani Enterprises Ltd">Adani Enterprises Ltd</keyword>, the flagship incubator of billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s conglomerate, on Thursday reported a 37 per cent drop in March quarter <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword>. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore. Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments. Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business -- including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million. Its revenue from operations was up at Rs 29,180.02 crore in the three months to March 31 from Rs 28,943.84 crore a year ago. For the full fiscal 2023-24 (FY24), net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 1,27,539.50 crore in 2022-23. Its consolidated EBITDA for FY24 increased by 32 per cent to Rs 13,237 crore that of incubating businesses grew by 47 per cent year-on-year. "<keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords">Adani Enterprises</keyword> has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group. "AEL's resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management." Giving an operational update, the firm said ingot and wafer units, which are used to manufacture solar modules that trap sunlight to produce electricity, are operational, while it has got orders for the manufacture of 254 sets of wind turbines. Its joint venture with EdgeConneX has one operational data centre in Chennai and construction in Noida and Hyderabad facilities is 81-88 per cent complete. It plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand. Also, Adani started a copper unit in Mundra in March to foray into the metals business. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

The Cabinet Committee on Economic Affairs on Wednesday approved the FDI proposal for acquisition of 12.32 per cent of equity share capital, on a fully diluted basis, of <keyword id="7564494" type="COMPANY" weightage="20" keywordseo="ATC-Telecom-Infrastructure-Pvt-Ltd">ATC Telecom Infrastructure Pvt Ltd</keyword> by ATC Asia Pacific PTE Ltd. The acquisition is being done as a result of exercise of option by <keyword id="563005" type="COMPANY" weightage="20" keywordseo="Tata-Tele-Services-Ltd">Tata Tele Services Ltd</keyword> (TTSL) and <keyword id="5004980" type="COMPANY" weightage="20" keywordseo="tata-sons-pvt-ltd">Tata Sons Pvt Ltd</keyword> (TSPL). This share purchase would lead to <keyword id="10331238" type="UNKNOWN" weightage="20" keywordseo="foreign-direct-investment-inflow">foreign direct investment inflow</keyword> of ₹2,480.92 crore, a government statement said. With this approval, the cumulative FDI of ATC Asia Pacific PTE Ltd (<keyword id="10331237" type="COMPANY" weightage="20" keywordseo="atc-singapore">ATC Singapore</keyword>) into ATC Telecom Infrastructure Pvt Ltd (<keyword id="2206370" type="COMPANY" weightage="20" keywordseo="ATC-India">ATC India</keyword>) will be ₹5,417.2 crore in financial years 2018-19 to 2020-21. ATC Telecom Infrastructure Pvt Ltd is engaged in the business of providing <keyword id="10331236" type="UNKNOWN" weightage="20" keywordseo="passive-telecom-infrastructure-services">passive telecom infrastructure services</keyword> to telecom operators, pursuant to various approvals granted to it by <keyword id="116246" type="COMPANY" weightage="20" keywordseo="Department-of-Telecommunications">Department of Telecommunications</keyword>. The company has existing FDI approval up to 86.36 per cent and with this approval, it will rise to 98.68 per cent, on a fully diluted basis. The inflow of foreign investment to India will spur economic growth; as well as foster innovation, the government release said. FDI up to 100 per cent is allowed in telecom services sector wherein 49 per cent is under automatic route and beyond 49 per cent through government route, subject to observance of licensing and security conditions by the licensee as well as investors as notified by the Department of Telecommunications (DoT) from time to time.

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Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

PTI

NCLT approves ₹1,814 crore resolution plan for Lavasa: Darwin Platform winning bidder

PTI

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

PTI

Cabinet approves ₹2,480 crore FDI in ATC Telecom

IANS

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