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Monday, June 19, 2006

Reliance Haryana SEZ to list within three years

RIL-HSIDC (Reliance Industries-Haryana State Industrial Development Corporation) will be called Reliance Haryana SEZ. Reliance Haryana SEZ is likely to list within three years.

Reliance Industries is going to hold 90% and HSIDC 10% in Reliance Haryana SEZ.

HSIDC is to have two directors and RIL to have three directors.

Reliance Industries will set up three SEZs across India under different companies.

Mukesh Ambani is expected to sign an agreement with the Haryana government on the proposed 25,000 acre Haryana Special Economic Zone today. Reliance has estimated that it will invest up to Rs 25,000 crore (Rs 250 billion) in the zone.

Reliance is also expected to make an investment of Rs 4000 crore (Rs 40 billion) in West Bengal as part of its mega-retail plans, which would be unveiled later this week.

The company has sought nearly 10,000 acres from the state government with estimated investment in the first phase touching Rs 4000 crore.

Ambani's agricultural retail plans envisages creating farm-to-the-shelf chains by setting up exclusive farms and opening a chain of hypermarkets and super-markets across the country on the lines of Wal-Mart.

The SEZ would be set up in 25,000 acres; 15% of area would be residential while 35% would be industrial. RIL would also develop 5% of area for recreational purposes.

The company is mulling tie up with Disney, Time Warner or Universal for theme parks. It would invite third party investments to the tune of Rs 1 lakh crore (Rs 1000 billion).

The said SEZ is likely to generate 2 lakh jobs.

Mukesh Ambani is likely to announce setting up of mega power plant in Haryana, and international cargo airport and also setting up of inland container depot, dry port.

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