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.
• The deal includes building 2,000 mw power plant and international cargo airport