India Markets open in 17 mins

TCS obtains government nod for Indore SEZ

Tata Consultancy Services (TCS), IT software major obtained nod from government to set up a Special Economic Zone at Indore, Madhya Pradesh, even as it allowed Videocon group to pull out from its SEZ project at Jalpaiguri in West Bengal.

The company has got green signal at a time when SEZs have lost sheen as a vehicle of investment in the wake of imposition of Minimum Alternate Tax (MAT) on the SEZ developers and units in the zones. Slowdown in the realty market has also added to the uncertainty among the developers.

TCS is likely to provide jobs to at least 10,000 local engineers as per the condition set by the state government for providing land at subsidized rates to the IT giant. By 2013 the project is expected to be operational and it will employ more than 25,000 people directly and equal number indirectly.

DISCLAIMER: Accord Fintech provides the Content on “AS IS” basis without any express or implied warranties. Accord Fintech does not warrant the accuracy, timeliness, completeness, adequacy, merchantability, or fitness for a particular purpose of the Content, and Accord Fintech shall not be liable to Licensee or to any third party with respect to any actual or alleged inaccuracy, untimeliness, incompleteness, inadequacy, unmerchantbailty or unfitness.

Copyright 2012 Accord Fintech Pvt. Ltd., distributed by Contify.com