At an investment of Rs 40,000, the project will be Indias largest SEZ spread over 25,000 acres. It will be implement by a 90:10 joint venture company, Reliance Haryana SEZ Ltd. Reliance and HSIIDC will have directors in a ratio of 2:1 on the board of the joint venture company.
Speaking on the occasion, chief minister Bhupinder Singh Hooda said, The venture will catalyse Rs 1 lakh crore investment and generate about five lakh jobs (25% jobs for people in Haryana). It will add Rs 10,000 crore a year to Haryanas revenue.
Reliance chairman Mukesh Ambani said the joint venture was expected to generate returns of between 18-20%. He also said a good number of Fortune 500 companies were interested in the proposed SEZ and that the SEZ would have an export potential of about Rs 50,000 crore.
The deal includes building 2,000 mw power plant and international cargo airport
The agreement also provides that if the JV company fails to implement the project, the land being transferred to it will be reverted to HSIIDC.
Of the 25,000 acres in the SEZ, low polluting units will occupy 6,500 acres, commercial establishments 5,000 acres, infrastructure projects 5,000 acres and residential units 3,750 acres. About 1,250 acres would be set aside for recreational facilities.