FTWZs as per law, are Special Economic Zones (SEZ) in India. Govt. of India have allowed development of FTWZ in order to create Warehousing & related infrastructure to augment economic growth, create employment opportunities and to ensure growth in exports. FTWZs are Deemed Foreign Territories / Ports / Warehouse for Storage and Other value added activities under the Customs Law. FTWZ units are allowed to hold inventory on behalf of Foreign Suppliers/ Domestic Buyers .
FTWZ law allows multiple transfer of ownership transactions without removal of the goods out of FTWZ, thus ensuring the trading chain to be as close as possible and as may be required, ensuring that there is no cascade of indirect taxes / compliances and avoids increase in transaction cost. The fiscal benefits allowed for the development of FTWZs ensures payback on infrastructure initiatives in long run. Siddhartha Logistics realizes the potential of value proposition the FTWZs hold for its clients in ensuring growth and therefore, has set up FTWZ units under shared resource model at FTWZ Arshiya, Panvel, near Mumbai, FTWZ Khurja near Delhi and under own development at FTWZ Sricity, near Chennai and has proposed setting up of Unit at FTWZ Mundra port, which is also near Kandla port, Aerospace FTWZ Hyderabad and Expo Center FTWZ near Mumbai.
The FTWZ at Sricity is spread around 20 acres. 5 acres under development and 15 acres for future development. We have a large, 45000 sq.ft. concretized area for container yard and open ODC storage, 5000 sq.ft. covered ODC storage, 20000 sq.ft. covered warehouse ready & operational. 50000 sq.ft. open ODC Storage and 65000 sq.ft. covered warehouse under construction, expected to be commissioned by March 2014. Our services under FTWZ scheme have been found to be extremely useful and mutually beneficial to our clients and therefore, we are growing by the day. Our exhibitor clients are now moving their exhibits via our FTWZ Units. they are no longer required to arrange ATA Carnets or Bank Guarantees and can store cargo for longer period in India awaiting Sales and Private Displays. Our importer clients are using our FTWZ Unit as Port for Customs Clearance and subsequent Warehousing & Distribution. For clearance through FTWZ Unit, our clients are entitled to concessional duty and taxes. Operational flexibilities at FTWZ have also contributed in saving costs and time overruns.