On 19Jun 2006, Reliance Industries signed a joint venture agreement with Haryana government for SEZ project. The Rs 40,000-crore project, comprising a cargo airport and a 2,000-MW gas-based power plant, will be spread over about 25,000 acres in the Gurgaon and Jhajjar districts of the state.
A special purpose vehicle called Reliance Haryana has already been floated to set up the project. Initially, around 1,395 acres, which has been acquired by HSIIDC near Garhi Harsaru village in Gurgaon, would be transferred to Reliance.
In return, HSIIDC would get the total cost of acquisition (plus capitalised interest at 9% per annum) and the administrative cost (15% of the total cost of acquisition). This would entitle HSIIDC for an amount of Rs 360 crore as against Rs 300 crore paid by it for acquiring the land. It would also get sweat equity without any investment at 10% of the total equity.
|
|
|
|
|
| Posted : 6/20/2006 |
|
|
|
|
