Hooda defends SEZ deal with Reliance

Chandigarh, June 2 (UNI) Haryana Chief Minister Bhupinder Singh Hooda today hit out at the opposition INLD for criticising his government on the issue of the Reliance SEZ deal, saying the state would only gain from the agreement.

Talking to reporters, Mr Hooda termed ''irresponsible'' the allegations of going for a ''cheap deal'' levelled by INLD leader Sampat Singh with regard to the multi-product Special Economic Zone (SEZ) being set up by the Reliance Industries.

Mr Hooda said Mr Sampat Singh, the former Finance Minister, had been issuing ''irresponsible'' statements without going into the facts.

Mr Hooda said the Haryana State Industrial Development Corporation (HSIDC) had 7.5 per cent sweat equity in the SEZ project which meant it would not have to invest any money in the special purpose vehicle for the development of SEZ, but it would gain by the same proportion in case the joint venture company floated bonus issue, rights issue or any dividend.

In case of any enhancement in the project cost, even then the HSIDC would not have to bear it. He made it clear that the land share of the HSIDC was almost equal to the percentage of sweat equity.

Mr Hooda said that this was the ''best possible agreement'' and would go a long way in generating employment opportunities and ensure development of the State.

He pointed out that during the tenure of the INLD government in 2004, as much as 600 acres of land was sold to the Maruti Udyog Limited at a cheap rate of Rs eight lakh per acre and there was no provisions like sweat equity for future gains.

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