HSIIDC signs agreement with Reliance for setting up of SEZ

Chandigarh, June 19 (UNI) Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC) today signed a joint venture agreement with Reliance Venture Ltd (RVL) for the setting up of a multi-product Special Economic Zone (SEZ) in Haryana. The agreement was signed in the presence of Chief Minister Bhupinder Singh Hooda and Reliance Industries Chairman Mukesh D Ambani.

HSIIDC Managing Director Rajeev Arora signed the agreement on behalf of the Corporation and Mr Anand Jain, Director of the Reliance Ventures Ltd, a group company of Reliance Industries Ltd., did so on behalf of the RVL.

The Central Government had accorded approval in principle in March 2006 for the setting up of this mega project over an area of 25,000 acres.

The agreement paves the way for the transfer of about 1395 acres of land which was acquired by HSIIDC for setting up of an SEZ near Garhi Harsaru in Gurgaon district.

In return, the HSIIDC will receive (a) exact cost of compensation paid to Land Acquisition Collector by HSIIDC (b) nine per cent interest on this amount from the date of payment made to LAC till the payment by special purpose vehicle to HSIIDC and (c) 15 per cent adminsitrative charges on the amount of compensation paid.

The decision to integrate two sites was taken to avoid internal competition and to achieve synergy in implementing the so far largest SEZ in the country.

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