Reliance SEZ deal delayed

The special economic zone (SEZ) to be set up by Reliance Industries Ltd in Haryana has run into another obstacle, with the postponement of signing of the agreement between Reliance Ventures Ltd and the Haryana State Industries Development Corporation.

The agreement, supposed to have been signed today, has been postponed by a week. Mukesh Ambani will come to Chandigarh on June 19 to attend the signing of the agreement between the Haryana government and his firm.

According to sources in the Haryana government, Chief Minister Bhupinder Singh Hooda was in Delhi yesterday and discussed the details of the project with the senior party functionaries. Ambani was given the final confirmation at a time when he had already planned his engagements for the next two days.

Since Hooda will be occupied in the weekdays, June 19 was finalised for signing the agreement when the 1,500-acre land would be officially transferred to Reliance and the Haryana government will have a sweat equity of 7.5 per cent.

The proposed SEZ of Reliance over an area of 25,000 acre would be one of the largest in India.

The project had been in the lime light as the Opposition in Haryana raised a hue and cry over the land of about 1,500 acre at Ghari Harsu provided to the company, which was acquired by the HSIDC (Haryana Industrial Development Corporation) over three years.

In the wake of escalating real estate prices in the vicinity of Delhi, speculation was ripe that such a large acquisition could be part of a land grab attempt.

The announcement pertaining to the SEZ was made on December 12 last year by Mukesh Ambani in Chandigarh. Haryana's Reliance SEZ has been incorporated to for the implementation of the project.

The project is expected to create direct employment for 200,000 people. It is likely to attract a private investment of Rs 30,000 ( the 15 SEZs presently operational in the country have attracted private investment worth Rs 2,200 crore).