Reliance Industries Limited (RIL) signed a pact with Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) for setting up a multi-product Special Economic Zone, considered to be India's largest project to be set up at an estimated investment worth of over Rs.25, 000 crores.
In a joint press conference along with Haryana Chief Minister Bhupinder Singh Hooda, Anil Ambani, Chairman RIL, stated that it would be a world-class hub for manufacturing, services, focusing on new economy sectors like nano-technology and biotechnology, besides agro-based industries in the most competitive environment.
It is expected to give returns to the tune of 18 to 20 percent.
A cargo airport and a 2,000 MW power besides fully integrated city having an airport, rail linkages even from Delhi, an international container depot and adequate supply of power, water and communication facilities will be available and comparable to that seen at global investment destinations - China, Malaysia and Singapore, will come up.
It is also expected to attract investments from fortune 500 companies.
RIL, it is learnt from reliable surces, is in search for third party investments of Rs.100,000 crores.
A joint venture has been floated by Reliance Ventures Ltd, a subsidiary of RIL, and Haryana State Industrial and Infrastructure Development Corporation, which would have to infuse equity of ten percent on behalf of the State Government.
The joint venture company would be listed on the bourses later along with other two Special Economic Zones at Navi Mumbai in Maharashtra and Jamnagar in Gujarat also being established by RIL.
According to CM Hooda, the project will create 500,000 jobs and notch up revenues amounting to Rs.10,000 crores, thus improving the per capita income of Haryana State.
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