Reliance to set up SPV for SEZ in Gurgaon

Chandigarh, May 27: Reliance Industries Ltd will shortly sign an agreement with the Haryana State Industrial Development Corporation (HSIDC) for setting up a Special Purpose Vehicle (SPV) for the development of a multi-product Special Economic Zone (SEZ) in Haryana as a joint venture.

Stating this here today, a spokesman of HSIDC said that the agreement would be signed with Reliance Ventures Ltd (RVL), a 100 per cent subsidiary of Reliance Industries Ltd, on June 2.

The agreement would include the transfer of about 1500 acres of land at Garhi Harsru, Gurgaon, to the joint venture company being formed by HSIDC and RVL for the development of the Special Economic Zone.

He said the location for the proposed SEZ had been finalised after a detailed feasibility study conducted jointly by the officers of HSIDC and RIL.

The proposed site would be spread over a contiguous area extending from the existing Garhi Harsru SEZ of HSIDC and further spreading into Gurgaon and Jhajjar districts.

The decision to merge the two projects has been taken to maximise the investment and to achieve economies of scale. This would also help in avoiding multiple administrative set ups and undesirable competition.

He said that the Union Ministry of Commerce had accorded approval in principal to RIL for setting up this SEZ in Haryana. The proposed SEZ would be the largest such project in the country being designed on the pattern of the renowned SEZs in China and Dubai.

He said this multi-product SEZ would open new avenues for domestic and foreign investment in Haryana and generate employment opportunities for about two lakh persons and income for the residents of the state.

The project would involve a direct investment of about Rs 25,000 crore on the development of infrastructure over a period of 10 years and would catalyse a much higher investment. The SEZ would be on a scale and standards consistent with the international norms and it would be a unique project in public private partnership the state.

He said an MOU was signed between HSIDC and Reliance Ventures Ltd to this effect on December 12 last in the presence of state Chief Minister Bhupinder Singh Hooda and Chairman of Reliance Industries Mukesh Ambani.

UNI