Reliance, Haryana finally ink SEZ pact

Jun 20 2006, 00:39 IST
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Reliance Ventures, a group company of India’s largest private sector company Reliance Industries, and the Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC), on Monday signed a joint venture to set up a multi-product special economic zone in Haryana.

At an investment of Rs 40,000, the project will be India’s 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 Haryana’s 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.

SPECIAL EFFECT

The deal includes building 2,000 mw power plant and international cargo airport
15% of the zone will be for township, 5% for theme parks, hotels, and 3%

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