GURGAON: The country's largest special economic zone (SEZ) in Haryana is likely to be shelved soon. With the Reliance Industries Ltd - HSIIDC SEZ not taking off even five and a half years after the agreement was signed, the Haryana government now wants 1,383 acres land back in Gurgaon, which it had given to the RIL.
Sources said that the decision was taken at a private meeting between Haryana chief minister Bhupinder Singh Hooda and RIL chairman Mukesh Ambani at a five-star hotel in Delhi on Tuesday.
They added that once the state's industrial development body, HSIIDC, gets the land back, it would plan its development. Since the SEZ concept has failed in recent years, the HSIIDC would develop it as a model industrial township on the lines of Manesar.
This SEZ was to be set up through a special purpose vehicle (SPV), Reliance Haryana SEZ Ltd, in which RIL had 90% stake and HSIIDC had 10% sweat equity. Government officials said that while the agreement to develop the SEZ was signed on June 19, 2006, the land was finally handed over to the SPV in 2008.
Last year, RIL had sought an extension of the in-principle approval from the Union commerce ministry till March 2015, but it had got only one year's extension ending this March. Sources in the HSIIDC said that the proposal to take back the land would serve their interest and there is no tangible loss due to the huge patch of land that was left unused for years.
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