Reliance Industries Ltd, India?s largest private sector company, plans to induct a strategic partner to its Rs 40,000-crore SEZ project in Haryana.

If a deal comes through, it would be a first for the Mukesh Ambani-led company to have a major partner in any of its venture. The Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC) has a 10% stake in the venture.

RIL sources said a private sector partner would lend capital support to the project, as the prolonged economic downturn makes it hard for RIL to go on with the project at Jhajjar and Gurgaon.

The project, announced in 2006, is to be spread over 25,000 acres and is billed as one of the biggest, multi-product SEZs?with a cargo airport and a 2,000 mw power plant within it?that would provide a world-class hub for manufacturing, services and agri-based industries. It has a target of giving around 5 lakh jobs.

Sources said RIL has so far invested just Rs 3,000 crore in the project and bought around 8,000 acres. The company is also developing two other SEZs in Navi Mumbai and Maha Mumbai, spread over 10,000 hectares.

When contacted, an RIL spokesperson said, ?As a corporate policy we do not comment on speculation and rumours.?

Induction of a partner will add to the viability of the SEZ project. Multi-product SEZs, despite their investment and job potential, are difficult to be financed by the domestic banks. RBI has discouraged banks from lending to SEZs, , so the developers will have to largely rely on foreign funds, raised through external commercial borrowings or depository receipts.

With the downturn in the world capital markets, the costs of raising such loan or equity have risen sharply. The last external commercial borrowing raised by the company has been for $400 million in October 2008.

Real estate companies have sourced funds from private equity firms abroad to finance their SEZ projects, but have not brought them in as management partners. An RIL deal could be a trailblazer for the SEZ projects in India. But the company has not yet named a strategic partner.

During the January-March quarter, RIL reported a 9% fall in its net profit to Rs 3,546 crore, while its net sales went down by 25% to Rs 29,073 crore. For the full year, its net profit was at Rs 15,279 crore, down 21.5%.

While RIL is also reported to have slashed salaries of some employees at the project, it could not be confirmed independently.