The GoI has taken a number of measures to encourage foreign investment in and exports from the country. These include the introduction in 2005 of a Special Economic Zone regime under which specified land is deemed to be “foreign territory” for the purposes of Indian customs controls, duties and tariffs.

SEZs are a new business concept in India, and provide attractive fiscal incentives for both developers and tenants. SEZs are a key element of the infrastructure development plans of the central and state governments in India, which are increasingly authorizing the development of SEZs in various locations across the country. We see the development of sector specific as well as multi-product SEZs as a major growth area for our Company. Each multi-product SEZ will be developed as an integrated township and will include residential accommodations, commercial and retail facilities, as well as schools, hospitals, hotels and other support infrastructure, including captive power generation facilities.