labels: economy - general, reliance industries
Reliance to pump Rs25,000 crore into Haryana SEZ projectnews
19 June 2006

Reliance Industries (RIL) would invest Rs25,000 crore to set up one the largest Special Economic Zones in the country in the state of Haryana. RIL would float a joint venture with Haryana State Industrial Development Corporation (HSIDC), to be called Reliance Haryana SEZ Private Limited, to set up the project. RIL is expected to hold a 90-per cent stake in the JV with HSIDC holding the rest.

The Haryana government and Reliance Industries may sign an agreement to this effect today. The signing ceremony was originally fixed for last week, but had to be postponed because of opposition from some political quarters. With the Congress leadership asking state leaders not to protest against the project, the deal is all set to be concluded.

The multi-product SEZ would be set up over 25,000 acres of land and the Haryana government would transfer a 1,700-acre plot to RIL. The balance land would be acquired by RIL directly.

RIL is planning to set up a fully contained facility with an international cargo airport, 2,000-megawatt power plant and railway connections. The company is also expected to set up an inland container depot and a dry port.

RIL has reportedly projected an additional investment of Rs1 lakh crore (approximately $22 billion) by other companies setting up facility within the SEZ. RIL is targeting companies from the ITeS and entertainment sectors also to set up units in the SEZ.

RIL is also planning to take Reliance Haryana SEZ public within a period of three years.

RIL is already working on a fully integrated township near Mumbai, which would also see massive investments. The company is reportedly considering three more mega-sized SEZ projects in other parts of the country. Large investments in agro-processing and retailing are being considered in the states of Punjab and West Bengal and negotiations with the state governments are under way.

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Reliance to pump Rs25,000 crore into Haryana SEZ project