Reliance proposes to demerge model township at Haryana SEZ

Reliance proposes to demerge model township at Haryana SEZ

Reliance has proposed to demerge the model township from its Jhajjar Special Economic Zones (SEZ) in Haryana.The demerger will be subject to the approval from the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC).Reliance has signed a pact to induct IL&FS into a new company. Reliance Ventures will have 45% interest, while IL&FS and HSIIDC will have 45% & 10% stake, respectively.The company was asked to return the land during a meeting between RIL chairman Mukesh Ambani and Haryana Chief Minister Bhupinder Singh Hooda in New Delhi on January 17. Hooda had suggested that since the SEZ project had got delayed by over six years it would be better that the land be returned. The SEZ was to be set up in 2006 through a special purpose vehicle — Reliance Haryana SEZ Ltd — created after a collaboration between Reliance Ventures, a wholly owned subsidiary of RIL, and HSIIDC.