ffl-n ri0=i xir?=t= M=i SEEPZ SPECIAL ECONOMIC ZONE mW (@), ANDHERI (EAST), MUMBAI. N
i
N
i
i
ffl ffl
It
V
N N
N ffl V
II
II
II
a
J
ffi
II
i
i
i
i
i
't" i
i
a
i
II
ffl II
V
i
N
ff
ffl
N i
ffl N
II
N

ffl i
ffi N
ffl
N
i
i
It
i
% ffl
II
ffl
i

W i

i
N
N
ffi
i
N
ffl
K
N
N
a
i
i

i
N __=t=i%-n 4 % AGENDA FOR Th r
a 1
r's

Th r:_

r

_'l
r r) - t rS t
'i

r%
Th !4%1H Rlq4+'l"I

ImvH0 'llffi

% 611qdl/&lll&llL40 '+) R'R!, a € ( C_J's__

C_ '._ _

S'.

r

_

Cs
A . l'n'!t'n! T'4"el' 3Tn% m "f TW ffl ffl u ' I __MEE__T_IN_q_Q___A'_HE APPROVAL COMMITTEE FOR SECTOR SPECIFIC S__PE_C__IA_L ___E_C_ON_O_MIC ZONE FOR IT/ITES OF M/s.

MINDSPACE BUSINESS PARKS PRIV ATE LIMITED. z"
: zl' '1,31, ':; i, ' :

$ 4_'i yGr-"'r (; ), i VENUE

: Cni-i[crence

I-{all,
2nc' Floor,

Tl"ie Office

of the
Development Comn"iissicirier, SEEPZ,-SEZ, Ai"'idheri (East), Mumbai. F

: qo:rw, 07 , 2024 DATE

: Wednesday, 07"1 August, 2024 't'

. "Tm. '1 1 :OO "i TIME

11 :OO A M

• • -A- !- * * * * * * -k * -k * * *

Meeting of the Approval Committee for Sector Specific

Special Economic Zone for IT/ITES of M/s.
Mindspace

Business

Parks Private Limited

• SEZ under

the Chairmanship

of Development

Commissioner, SEEPZ-SEZ

on Wednesday, 07th August, 2024. p / INDEX =hi%-i'i sa Th. Agenda Item No. =tii%-n Ha =. o-l Agenda Item No.
01 =tii%-l'i 41(, =. 02 Agenda Item No.
02 Subject f'!-'t-Ff; 18 05 202/4 6-1 3n-"i-if'?t-ii ':-;>'€ ;)-. 'rR%'l 'f-il :lfT2 Conf'irmation

or rniriiitcs

ef'
aJic
rnct:ting

hcld

on 18.0,"'). 2024. Application

of
M/s.

eClerx

Services

Limited

at Mindspace-SEZ for cal:iacity enhancement on addition of location

admeasuring

44,047

Sql-t.
located

at Unit No.
101,

ISI office floor level,

2ntl
buildirig,

Building No.
11,
Mindspace

Busiriess

I-'arks

Pvt

I,td.-SEZ, Thane

Belapur

Road,

An-oli,

Navi
Mcimbai-400708

in the Existing LOA.

Minutes of 127" Meeting of the Approval Committee for Sector Specific Special Economic Zone of M/s. Mindspace Business Parks Pvt. Ltd. - SEZ, Airoli, Navi Mumbai, under the Chairinanship of Development Comn'iissioner, SEEPZ-SEZ held on 18.07.2024, at Second Floor SEEPZ Service Centre, SEEPZ SEZ, Mumbai. Name of the SEZ Sector Meet'ng no Date Ash siiz<-The {'jx:la' qi4i '.iiqia rQmz M/s. Mindspace Business Parks PvL Ltd. 117]TES 127Tt 127tli 18.07.2024 18.07.2024

Sr. No. vww Name of Members W%'TmT Deslgnation tlT'R OrganizaUon I

• ='= Shri. C. P. S. Chauhan %tb ITh=hie miH*, Jt Development Commissioner, 'fh-tv SEEPZ-SEZ. 2 'ep Shri. Leider Panicker 4",tti 61l"4Th dlRl( Joint Commissioner Income Tax ffl 3T ffl, p 'fi Th Nominee of Commissioner of Income Tax office, Mumb3_i. ___ ..A

-.- . n l'l
n
n _ . . . I'!
. [ f 'l J_I_ 3 '!l I I t: "l I % 'J l( 'i I @ Shri. Himanshu Dhar Pandey (l'l I-ia%l-h e:Mlt!,%!l Depuiy Director DGFT dfflltlRXfi ,'lnlU,'ht!1, d<'%6fi Nomfnee ofhe Additional DGFT, Mumbai. 4 e='mmk Smt. Poonam Darade m Deputy Director Industries 41NI 'ig%lVl, %6.Rlq € ('5R =h -1110(11 Nominee of DC Industries, Government of Maharashtra. Q__ -___ lI)_

'ram,
, ', vr % mf'M'r 5 ff p f Smt. Sunita lagtap n ! ;fflR't'h Superintendent of Customs Nominee of Commissioner of Customs(General), Air Cargo, Sahar, Mumbai. POq auiFlo sasi.- *. 'mmr;tm: Faw Shri. Meva Ram Ova : Specified Officer. Smt. Rekha Nair, ADC (New SEZJ, Shri. G.S. Bhandari, ADC (New SEZ & Shri. Manish Kumar, ADC (New SEZ), also attended
for assistance and smooth functioning of the meeting.

APfln(la
JfPm NI+- 01: Cnnfirmation

of Mtnutes

of the 125th meeting held on 31.05.2024. The Minutes of the 126th
Meeting
l'ield
on 31.05.2024

were confirmed with consensus. m'eTl FIyisiin7and Revist'id Prriiertions : A7enrla Item No. O?:: Application for capacity enhancement on addttion of location admeasuring 44,047 Sqft Located at Unit No. 101, 1" office floor level,
2'm buildtng,

Building

No. 11, Mimlspace Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli, Navi Mumbai-400708 in the Exlstlng LOA - M/s. eClerx Senrices Limited. M/s. eClerx Services
Limited.
has requested
for capacity enhancement

on addition

of location
admeasuring

44,047
Sqfl located at Unit No. 101, 1" office floor level, 2' building, Building Ng. 10, Mindspage
Business
Parks
Pvt. Ltd.-SEZ, Thane
Belapur Road, Airoli,
Navi Mumbai-400708

in the Existing
LOA. Widx revision in projections. Derision:- After deiiberal'on, the Committee deferred *e proposal of M/s.
eClerx
Sci'vices
limited.

for capacity
enhancement

on addition of location admeasuting 44,047 Sqft. Located at Unit No. 101, 1" office floor }evel, 2" building, Building No. 11, Mindspace Husinesg
Parks Pvt. Ltd.-SEZ,
Thane
Belapur
Road, Airoli,
Navi Mumbai-400708 in the Existing 10A.
Committee also directed
the Unit
to Airnish
the busi'ness
model, justification

on the foreign exchange outflow and the detailed breal<up thereof. %pmla item Nn. 03: Application for capacity enhancetnent on addition of location in an area admeasuring 1,44,6S7Sqft. located at 5", 6", and 7(' floor in Tower 2 of Mindspace-SEZ+ wtth
reviston

in proiectton

for
remaintng

2 Years
(n the Existing LOA- M/s. Wipro Limited. M/s. Wipro Limited. had requested for capacity enhancement on addition

of location
in an area admeasuring 1,44,657 Sqft Located at 5", 6"' and 7' floor in Tower 2 of Mindspace-SEZ with revision in projections for 2 years. rhe details w.r.t. the revised projections for Exports, Investnients and Employment of o:he unit are as under: Sr. No Item Existing Projections Revtsed Projections 1. Employment Men Women Men Women 1760 95CI 4467 2407 (Ps. In Crores) Sr. No. I I I Details I Existing approved Proiectlons for S years 3,39,557 sq. ft. i Existing-Pro'jec-tio-n; ;-or Remaining2years -- -Revised projections for I remaining 2

years on i addldon of i location Proposed projections for remaining 2 years on addition

a 1,44,657 sq. ft.

2,42,415 sq.ft. [2021-22 to 2025 26 2024-25 &2025-26) (2024-25 & 2025-26) (2024-25 & 2025-26) I Investment-Capttal Goods (Rs. in Croresl (t) Indigenous 23.41 9.37 128.24 192.00 (ii) Imported 4..68 1.87 68.76 103.00 Total Investmenk Capital Goods 2B.09 11.24 197.00 295.00 2. Investnnent in Raw material (Rs- In Crores) (i) mdigenou5 0.00 0.00 0.00 0.00 (ii) Imported 0.00 0.00 0.00 0.00 Total Raw material 0.00 0.00 0.00 0.00 3. Values of Input Services (Rs. In Crores) [i) Indigenous 0.00 0.00 242.96 364.44 (ii) lmported 0.00 0.00 4.12 6.1B Total Services 0.00 0.00 247.08 370.62 4. FOB Value of Exports (Rs. In Crores) 2873.31 1166.51 1508.34 1813.03 5. Foreign Exchange outgo for 5 years(Rs. In Crores) 24.82 10.08 81.09 97.38 6. Net Foretgn Exchange Earnings for S Years (Rs. In Crores) 2848.49 1156.43 1427.25 1715.65 Bmsed Area anrl T.nrattnni Existing locatton Proposed Additional locatlon Approved locatlon Unit No.40l, 4" floor, Unit No. 801, B" floor, Unit No. 901, 9" floor, Unit No. lDOi 10th and Unit No. 1101, 11"' floor in Tower
2 of Mindspace Business Parks Private Limited-SEZ, Unit 2, Fluflding No. 07. plot No. 3, TTC Industrial Area, Airoli, Navi Mumbai - 400708 Unit No. 501, 5" floor, Unit No. 601, 6" floor Unit No. 701,
7" floor,
in Tower 2 oi Mindspace Business Parks Limited-SEZ, Unit 2, Building No. 07. plot No. 3, TrC Industria. Area, Airoli, Navi Mumbai - 400708 Unit No.40l,
4"' floor, Unit No. 501, 5" floor, Unit No. 601, 6th floor, Unit No. 701, 7'h floor, Unit No. 801, 8" floor, Unit No. 901, 9tli floor, Unit No. 1001, 10"' and Unit No. 1101, 11"'
floor
in
Tower
2 of Mindspace Business Parks Private Limited- SEZ, Unit 2, Building No. 07, plot No. 3, ffC Industrial
Area, Airoli, Navi Mumbai - 400708 Total Area i S,81,972 Sq. ft. Total Area 1,44,657 Sq. ft. Total area :7,26,629 sq. fi. The details of existing and revised area ofoperations are as under -

tm'*

%mq'@i DedSiOn!- After
tl(!liberal;bn

the; Committee

apprbvbd Gie proposal of §/s. Wiprq limited ftir enbscement of capaciy on account of additian of location-admeasuring 1,44,657 sq.ft located .it 5th, 6Un, and 7tH, flo6r 4ri Tower 2 of 'Mindspace-SEZ, wi(h revision in pfojecti6n for remaining 2 years in terms of Rulti 19(2) o!'SIEZ Rules, 2006. Meeting'qnded with a vote of thanksa ta ffie c)iair.

Actiori takcn_for the_QA(C_Qc_e_ti_ng_h__e_l_4_o_n_:L_8__.0_'.2_0______24 Name of SEZ Name of Unit Subject Action Taken Mindspacc

S}!I.Z M/s. e(':lerx Services liinited Aliplication of M /s. eClerx Services Limited at Miimsl:i:ice-SEZ for capacity enhai'icement on addition oflocation admeasurii'ig 44,047 Sqft. located at Unit No. 101, 1st office floor level, 2nd building, Built'ling No. 11, Mindspace Btisiness Parks Pvt. Ltd.-SEZ, Thai'ie Belapur Road, Airoli, Navi Mui'nbai-400708 in tlie Existing LOA. Pi-oposal is being placed in the ensuing ineeting. M /s. Wilii'o Limilecl /llililic,ition of capacity enlianceinent on addition o(lociition aclim'asurii'ig 3,87,073 sq.Ft.located at 5tli, 6tli aim 7tli tlooi' in Tower 2 of Mindspace- SEZ, witli revision in projectioi'i (or i-einaining 2 yctii-s in tlic Existing l.(M- M/s. Wipi-o limited. )-'erinission letter for capacity enhancement on addition of location issuei_l on 31.07.2024

GOVERNMENT OF INDIA, OFFICE OF THE DEVELOPMENT COMMISSIONER, MINISTRY OF COMMERCE & INDUSTRY, SEEPZ (SPECIAL ECONOMIC ZONE), MUMBAI 1'1'l': I'TT' 1-k+44* AGENDA NOTE FOR CONSIDERATION OF APPROV AL COMMITTEE a. Proposal: Application of M/s. eClerx Services Limited at Mindspace-SEZ for capacity enhancement on addition of location admeasuring 44,047 Sqft. located at Unit No. 101, ls' office floor level, 2nd building,

Building

No. 11,
Mindspace

Business

Parks
Pvt.
Ltd.-SEZ,

Thane
Belapur Road,
Airoli, Navi Mumbai-400708 in the Existing LOA. b. Specific Issue on which decision of Approval Committee is required: Capacity enhancement on addition

of location

admeasuring

44,047 Sqft.
located

at Unit No. 101, ls' office floor level, 2nd building,

Building No. 11,
Mindspace Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli, Navi Mumbai-400708 in the Existing LOA with revision in projections. C. Relevant Provisions :- In terms of Rule 19(2) of SEZ Rules,
2006 states that - Provided that the Approval Committee may
also approve

proposals for broad-banding,

diversification,

enhancement

of capacity of production,

change in the items of manufacture or services activity,

if it meets the requirement of Rule 18". d. Other Information: The proposal of capacity enhancementon addition of location admeasuring 44,047 Sqft. located at Unit No. 101, ls' office floor level, 2"d building, Building No. 11, Mindspace Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli, Navi Mumbai-400708 in the Existing LOA was placed in the Approval Committee meeting held on 18.07.2024 wherein the Committee deferred the proposal of M/s. eClei-x Services

limited. for capacity enhancement on addition of location admeasuring 44,047 Sqft.
Located at Unit
No. 101,
ls'
office
floor
level,
2nd building,

Building

No. 11, Mindspace Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli, Navi Mumbai-400708 in the Existing LOA. Committee also directed the Unit to furnish the business model, justification on the foreign exchange outflow and the detailed breakup thereof. Unit in its letter dated 23.07.2024 had furnished the following clarification 1. Reasons for high component of foreign exchange expenses/Outflow: Unit
has attached

the
extract of their
P&L from
FY 2020-21

to 2023-24

on foreign

exchange expenses submitted in the APR as Annexure

A wherein it is mentioned

that
the
principal component is sales and marketing expenses which comprise of approximately 75% - 83%.
They pay these to their wholly owned subsidiaries

located

in USA, UK and
Singapore for services of their sales
and
account management team at an arm's
length
price
based
on transfer pricing rules of the Income Tax Act, 1961. The Sales team and the account management teams look for new business with new and existing clients and the cost keeps changing on hiring new sales team members who have time period of generally 1-2 years before they can add to revenue and hence in some years like in FY 2023-24, their costs
moved

by significantly from
75% to 83%.

Post Covid

their
business environment improved and thus increased their sales team to tap the anticipated opportunities. 2. The contractor fees component ranges from 1 6% to 24%. The contractors are consultans deployed for long term business transformational projects.Post Covid pandemic, the cost increase
to 24% in 2022-23 from 1 8% in 2021-22 3. The incremental costs projections for the 5'h year has an NFE of about 38% since the additional facility is expected to generate revenue for 5 months only during FY 2024-45 with facility expected to be commissioned in

November 2024, but they have to incur costs of IT equipment and sales team and consultants in advance to get the new business and create a sales pipeline which has created the requirement for additional space. Detaf/s of the Un/t : 1 Name of the unit M/s. eClerx Services Limited. 2 Present location Unit No. 201, 2'd Office Level, 3rd Floor, Unit No. 301, 3rd Office
Level,
4'h Floor, Unit
No. 401, 4h Office level, Unit No. 501, 5'h Office Level,
Unit No. 601, 6ih Office
Level,
Building

No.ll,

Unit No. 701,
7'h Office Level,
Building No. 9, Plot No. 3 (part) (lncubation space), Mindspace Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli, Navi Mumbai- 400708. Admeasuring Area -2,67,039 Sq. ft 3. Item(s) of manufacture/services IT/ITES 4. LOP No. & Date SEZ/SERENE-THANE/(12)/LOA-12/2009-10/(30)393 Dated 24.02.2010 (Original Letter of Approval) 5. Date of commencement of production 07.07.2010 6. LOA Valid upto 06.07.2025 7. Proposed location Unit No. 101, 1st Office Floor Level, 2nd Building, Building No. 11, Mindspace Business parks Pvt. Ltd.- SEZ, Thane Belapur Road, Airoli, Navi Mumbai-400708 Admeasuring Area -44,047 Sq. ft 8. Other Information The unit has submitted the following documents/details additional location filed through SEZ Online system:- 1. FormF3-OnlineApplicationforfiledthroughSEZ Online system; 2. Letter of Intent signed with Developer of SEZ for proposed additional location; 3. Copy of board resolution; 4. List of Imported and Indigenous Goods; 5. Revised foreign exchange balance sheet; 6. Copy of all APR; 0 Reason for Current addition within same SEZ i The
Unit
has stated
that
considering

the
business

growth

and expansion

of business,

their management has decided to obtain the additional space at Building No. 11 i.e. 44,047 at Unit No. 101 (lSt office floor level), 2nd Building in Building No. 11, so that they can accommodate requirement of additional employees. Since the fit-out work at 44,047 at Unit No. 101, (is' office floor level), 2"d Building in Building N0. 11 will take time, they have obtained approval for incubation space at 43,127 Sqft.
Located at "Unit No. 701, 7'h Office Level, Building No. 9, Plot No. 3 (Part) from this good office in February 2024, and on immediate basis they have started operations from the said incubation space.
Fit out work at proposed additional

location

will
take
next 4-5 months of time
and probably they
will
start out operations from proposed additional location from December 2024. They will vacant their incubation space in November 2024 for which they shall submit separate application for deletion of area of incubation space. A. Existinq and Revised Projections: Sr. No Item Existing Projections Revised Projections 1. Employment Men Women Men Women 3500 1830 4477 1C120 TOTAL : c 330 6 197

B. Details of Existinq & Proposed Investment Sr. No. Item Approved projections for 5 year i.e. 2020-21 to 2024-25 Approved Projections 3 years due Addition of Location i.e. 2022-23 to 2024-25 Proposed projections for 1 year due to addition of 2024-25 1. Employment Men Women Men Women Men Women 3400 1795 3500 1830 4477 1920 2. Investment-Plant and Machinery (Rs. In Lakhs) (i) Indigenous 1300.00 2500.00 700.00 (ii) Imported 3550.00 5500.00 1200.00 Total Investment Plant and Machinery 4850.00 8000.00 :rgoo.oo Machinery .3. Import and Indigenous requirement of material and other inputs (Rs. In LakhS) (i) Imported Capital goods 3550.00 5500.00 1200.00 (ii) Indigenous Capital goods 1300.00 2500.00 700.00 TOtar 4850.00 8000.00 'igoo.oo 4 Services (Rs. In lakhs) (i) Imported Services 6163 4.00 78669.77 33722.40 (ii) Indigenous Services 81297.00 gsooo.oo No revision 5. FOB Value of Exports (Rs. In Lakhs) 282017.00 258200.00 120997.56 6. *Foreign Exchange outgo (Rs. In Lakhs) 65184.00 54549.40 33842.40 7. Net Foreign Exchange Earnings (Rs. In Lakhs) 216833.00 203650.60 87155.16 0. Projections : Sr. No. Descriptions Approved projections for I year i.e. 2024-25 (Rs. in lakhs) Proposed projections for 1 year on addition of location i.e. 2024-25 (Rs. in lakhs) 1 FOB Value of Exports (Rs. In Lakhs) 95750.00 120997.56 2 Foreign Exchange outgo (Rs. In Lakhs) 18300.00 33842.40 3 Net Foreign Exchange Earnings (Rs. In Lakhs) 77450.00 87155.16 D. Revised Area and Location: Existing location Proposed Additional location Post approval location Unit
No. 201,
2nd
Office
Level,
3rd Unit
No. 101, 1st

Office

Floor Unit
No. 101, 1st
Office

floor

Floor,
Unit No. 301,
3rd
office level, 4th
floor,

Unit
no.
401,4th

office level,
unit
no. 501 5th
office
level, unit no. 601, 6th office level, Building No. 11, Unit No. 701, 7th office level, building

no.
9,
plot
no.
3 (part) (lncubation

space),

Mindspace Business

parks
Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli,
Navi Mumbai

4000708 Level,
2nd
Building,

Building

No. 11,
Mindspace

Business

parks Pvt.
Ltd.-SEZ,

Thane

Belapur Road,

Airoli,

Navi
Mumbai- 400708 level, 2nd Building, Unit No. 201, 2nd
Office
Level,
3rd Floor,
Unit No.
301,
3rd
office

level,

4th floor,

Unit
no.
401,4th

office level,

unit

no.
501
5th
office level,

unit
no.
601,
6th
office level,
Building No. 11,
Unit
No. 701, 7th office level, building no. 9, plot
no. 3 (part)
(lncubation space),

Mindspace

Business parks

Pvt.
Ltd.-SEZ,

Thane Belapur

Road,

Airoli,

Navi Mumbai

• 400708 Total Area 2,67,039 Sq. ft. Total Area : 44,047 Sq. ft. Total

area:

3,11,086

sq.
ft (2,67,039 sq. ft.

• 44,047 sq, ft. ) E. ADC Recommendation :- Proposal for capacity enhancement on addition of location admeasuring 44,047 Sq ft. located at Unit No. 101, Is' office floor level, 2"d building,

Building

No. 11,
Mindspace

Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli,

Navi
Mumbai-400708

with revision in
projections for remaining year i.e. 2024-25

in terms of Rulel9(2) of SEZ Rules, 2006 is submitted to Approval Committee for consideration.