Infosys gets nod to operate in Info-valley SEZ
.jpg)
The Falta Special Economic Zone (SEZ) has allowed IT major Infosys to set up a unit in the IT SEZ proposed within Info-valley complex planned in about 500 acres of land on the outskirts of the city.
“Development Commissioner, Falta SEZ, is pleased to extend to you all the facilities and entitlements admissible to a unit in a SEZ subject to the provisions of the Special Economic Zones Act, 2005 and the rule and orders made there under and for the establishment of a unit at Plot PB-1, NE-1 and NP-1, Info-valley, IDCO IT/ITES SEZ, Gaudakashipur and Arisal, Bhubaneswar, Khurda, Odisha for undertaking authorized operations”, Sanjeev Nandwani, Development Commissioner, Falta SEZ wrote to Infosys, Bangalore.
The IT behemoth, which is the anchor tenant for the Info-valley project, is authorised to have software development and consultancy/ information technology/ information technology enabled services (ITes) operations. The company has been allotted 20,961.94 square meters (50.919 acres) of land in the SEZ spread over 262.52 acres.
While giving its approval, Falta SEZ has set some conditions. The terms, among others, stipulates that the Infosys unit will export the goods manufactured/goods imported/procured for trading services, including items of trading, as per the provisions of the Special Economic Zones Act, 2005 and rules made there under for a period of five years from the date of commencement of production or service activities. For this, the company will execute a bond cum legal undertaking as prescribed under the Special Zone Rules, 2006.
The approval follows the letter of the state-run Odisha Industrial Infrastructure Development Corporation (Idco) to Falta SEZ requesting to issue the letter of permission (LoP) to Infosys to start operations at its Info-valley campus, the second development centre of the IT major in the city.
Idco said, the Bangalore-based company was allowed to act as a co-developer of the SEZ by the Union Commerce Ministry. After executing the lease deed for the land on August 29, 2013, Infosys had sought a consent letter from Idco to obtain LoP from the development commissioner, FALTA SEZ. Acting on the request, Idco had conveyed its consent to Infosys for operationalizaton of its unit in accordance with the Clause 18 sub-clause 2(ii) of SEZ rule, 2006, of Government of India.
The IT major has informed the state government to start the operation of its centre with an initial head count of 1,000 later this year.
Other Latest News
.webp)
The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
.webp)
A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
.webp)
The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
.webp)
The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
.webp)
India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
.webp)
.webp)
.webp)
.webp)
.webp)
