BY Anuradha Verma
Reliance and HSIIDC had formed a JV
in 2006 for setting up SEZs in Haryana.
Reliance Industries Limited’s (RIL)
group company Reliance Haryana SEZ Limited (RHSL) has returned 1,383.68 acres
of land in Gurgaon which it had acquired from the Haryana State Industrial
& Infrastructure Development Corp (HSIIDC) to set up special economic zones
due to revision of strategic priorities.
This formally ends RIL’s proposed
plan to develop an SEZ, which was already in the cold storage for years.
RSHL – a joint venture between RIL
and Haryana government-owned company HSIIDC – was formed to develop SEZs, model
economic townships and other infrastructure facilities in Haryana. HSIIDC has
also exited the venture and project, the company said on Monday.
However, RIL would continue with
development of a part of the project.
“The model economic township project
will continue to be developed in the Industrial Model Township framework on the
directly-purchased land. The development work has started on 290 acres of land
as an 'industrial colony'. Companies such as Panasonic and Denso have
established their manufacturing units in the MET Project,” it said in the
statement.
Reliance Ventures Ltd, a wholly
owned subsidiary of RIL, and HSIIDC had formed a JV in 2006 for the development
of a large multi-product SEZ in Gurgaon and Jhajjar districts of Haryana.
HSIIDC transferred 1,383.68 acres to
RHSL in 2007 to development the project. In 2010, Haryana government approved
the development of SEZ over the land transferred by HSIIDC in Gurgaon and
development of Model Economic Township (Industrial Model Township Framework) on
the directly purchased land.
However, the Indian government
withdrew the fiscal concessions of exemptions of MAT of DDT for the SEZs
following which RSHL decided to return the 1,383.68 acres in January 2012 as
SEZs became unviable with the withdrawal of fiscal incentives.
Earlier this year, the Haryana state
cabinet gave approval to return the land to HSIIDC at a price much lower than
the price at which it was transferred to them. It also approved the exit of
HSIIDC from the project. Source VCCircle
(Edited
by Joby Puthuparampil Johnson)
Posts
