SEZ Board puts off decision on GAIL’s exit from Kerala project; wants dues recovered
The Board of Approval for Special Economic Zones (SEZs) has postponed a decision on GAIL Ltd’s request to be allowed to exit from the port-based SEZ in Puthuvypeen and has decided to focus on recovery of dues which the unit owes for not meeting its net foreign exchange (NFE) obligation.
“The Board, after deliberations, directed Development Commissioner of CSEZ (Cochin SEZ) to first work out the settlement of NFE status and the necessary recovery of dues,” as per the minutes of the meeting.
The BoA, which met recently, directed that the matter may be deliberated on file based on receipt of necessary inputs from the DC and from the parties concerned including Cochin Port Trust, GAIL and Petronet LNG. GAIL is the largest state-owned natural gas processing and distribution company in India.
