The Ministry of Commerce and Industry vide circular dated 11 October 2021 has issued clarification regarding transfer of space by Special Economic Zone (SEZ) units. The SEZ units exiting and SEZ space units encountering difficulty to recover the value of their financial assets. It is clarified that the SEZ authority shall use an independent valuer to assess to assess the current value of physical assets and financial assets and pay it to the exiting SEZ.
The SEZ authority shall lease an SEZ space through an E-auction for eligible bidders. The availability of space shall be advertised after exit of a unit. The winning bid shall be highest bid for lease rent payable. The circular provides procedure for auction as well as exit.
