India's 1st financial services SEZ proposal for Hyderabad

News Posted - 2010-06-04

The government will consider next month a proposal for setting up the country's first financial services sector special economic zone (SEZ).

Diversified corporate entity GMR Group has submitted a proposal to the Centre for setting up this international financial services-focussed SEZ in Hyderabad.

Commerce Ministry, the nodal agency for clearing SEZ proposals, will take up the GMR's request on June 8.

"Their (GMR) request is on agenda. It will be taken up in the next BoA meeting," Additional Commerce Secretary D P Mittal told PTI.

The inter-ministerial Board of Approval (BoA) is headed by Commerce Secretary Rahul Khullar.

A senior GMR Group official said the company would file a detailed proposal next week.

"We will submit a detailed proposal with the Commerce Ministry in the next couple of days," the official said. He, however did not provide further details on which are the various segments of the financial services sector that would be available in the SEZ.

The financial services sector broadly comprises segments like insurance, mutual funds, micro finance and non-banking financial services.

GMR Group has interests in airports, energy, highways and urban infrastructure (including SEZ). In addition, other focus area of the Group is the agri-business with sugar as its main product-line.

Besides the GMR's request, the BoA would also take up applications for setting up new SEZs and other related issues.

Source: PTI 16/5/10