Bizodisha Bureau, Bhubaneswar, June 11, 2015 :

Developers can henceforth sub-let land to other industries on earmarked Special Economic Zones [SEZ] in the state, according to a decision on Thursday by the state cabinet chaired by chief minister Naveen Patnaik.

“Under the new SEZ policy, the developer can sublet leased land to other industries,” said Chief Secretary G C Pati after the cabinet meeting.

The sub-let land within the SEZ area should, however, be used within five years of being given to a specific company, Pati said.

“The Centre, which had formulated a new SEZ policy in 2007 following the approval of the union cabinet, had asked the state governments to frame their own SEZ policy. A new SEZ policy framed by Odisha government in 2003 was scrapped later.”

The cabinet endorsed the new SEZ policy which exempted stamp duty, VAT and entry tax to industries set up within it.

This SEZ policy shall come into force and shall be applicable to both the existing and proposed SEZs in the state prospectively,” Pati said adding the state has plans to set up at least 14 SEZs in different sectors.