Chennia-based SPEL Semiconductor Ltd has dropped plans for setting up Special Economic Zone (SEZs) due to its inability to execute such projects.
It has decided to approach the Government of India with representation to withdrawcancel approval granted to SEZ project, the company informed the Bombay Stock Exchange today.
The board of IC assembly and test company took decision on June 20, 2008 to approach the government with request to cancel the approval.
The company did not elaborate on reasons for dropping plans for the project.
SPEL Semiconductor had received nod in June 2007 to set up SEZ Chennai to develop facilities for IT hardware manufacturing.
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