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HSIIDC and RVL Signed Joint Venture Agreement - Haryana State Industrial and Infrastructure Development Corporation. Ltd. (HSIIDC) today signed a joint venture agreement with Reliance Venture Ltd. (RVL), a group company of Reliance Industries Ltd
HSIIDC and RVL Signed Joint Venture Agreement


NewswireToday - /newswire/ - Panchkula, Haryana, India, 2006/06/09 - Haryana State Industrial and Infrastructure Development Corporation. Ltd. (HSIIDC) today signed a joint venture agreement with Reliance Venture Ltd. (RVL), a group company of Reliance Industries Ltd.

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Haryana State Industrial and Infrastructure Development Corporation. Ltd. (HSIIDC) today signed a joint venture agreement with Reliance Venture Ltd. (RVL), a group company of Reliance Industries Ltd., for the setting up of a multi-product Special Economic Zone (SEZ) in Haryana. The agreement was signed in the presence of Chief Minister, Mr. Bhupinder Singh Hooda and Chairman,Reliance Industries, Mr. Mukesh D. Ambani.

While theManaging Director of HSIIDC, Mr. Rajeev Arora signed on behalf of the Corporation, Mr. Anand Jain, one of the Directors of the Reliance Ventures Ltd., signed onbehalf of the RVL. Central Government’s approval The Central Government has accorded approval in
principle in March 2006 for the setting up of this mega project over an area of 25,000 acres.

Land for SEZ The agreement also paves the way for the transfer of about 1395 acres of land which was acquired by HSIIDC for setting up of an SEZ near Garhi Harsaru in district Gurgaon. In return, the HSIIDC will receive (a) exact cost of compensation paid to land acquisition collector by HSIIDC (b) nine per cent interest on this amount from the date of payment made to LAC till the payment by special purpose vehicle to HSIIDC and (c) 15 per cent adminsitrative charges on the amount of compensation aid. The decision to integrate two sites was taken to avoid internal competition and to achieve synergy in implementing the so far largest SEZ in the country.The site for this biggest SEZ in the country spanning more than 25000 acres has also been finalised jointly by HSIIDC and RVL.

The location falls in Gurgaon and Jhajjar districts of the State and would be abutting the proposed Kundli-Manesar-Palwal Expressway on both sides. The agreement also provides that in case the Special Purpose Company fails to implement the project, the land being transferred by HSIIDC would be reverted back and the Corporation would pay back only the cost of land acquisition.

The HSIIDC proposes to transfer the land by realising the total cost of acquisition upfront, interest capitalised as holding cost at the rate of nine per cent per annum and the administrative cost at the rate of 15 per cent of the cost of acquired land. This would translate into an amount of Rs.360 crore as against the compensation of Rs.300 crore paid by HSIIDC. In addition, HSIIDC would get sweat equity without any investment at 10 per cent of the total equity. Also, the HSIIDC will be allotted shares equivalent to 10 per cent of the total share capital. These shares will be allotted on face value that is Rs. 10 per share for which the HSIIDC would not have to make any payment. SEZ policy While speaking on the occasion, Chief Minister Mr. Bhupinder Singh Hooda described this historic agreement as a giant stride towards fulfilment of the declaration made by the State Government in its Industrial Policy announced in June last year. The policy had set an investment target of Rs. two lakh crore and employment for 10 lakhpersons in the next 10 years.

The multi-product SEZ alone would catalyse an investment of over Rs. one lakh crore and generate direct and indirect employment for more than five lakh persons. The SEZ will be on a scale and standards consistent with the international norms and is a unique project in public private partnership for Haryana. Being designed on the pattern of the renowned Special Economic Zones in China and Dubai, the proposed SEZ shall be the largest such project in the country. The expected investment in the project infrastructure would be Rs.40,000 crore. Apart from tremendous financial strength that the project will bring to HSIIDC, the project would also catapult HSIIDC to a different league altogether and earn a huge revenues for the State Government.As per the SEZ Rules, 35 per cent of the project area to be developed as process area that is 8000 acres is likely to generate an annual turn over of Rs.1,00,000 crore. The revenue collected at the rate of 10 per cent for domestic tariff scale is likely to generate an annual earnings from industrial activities to the tune of Rs.5000 crore to the State exchequer.An equal amount of revenue is likely to be generated through indirect services and economic activities making the State economy robust and generating surplus for development of the entire State. The currentrevenue of the State at Rs.20,000 crore is likely to increase to Rs.30,000 crore on account of this project alone. The Chief Minister said that the utilization of land,conditions of lease etc. will be strictly controlled by Development Commissioner to be appointed by Government of India. The State Government has come out with a uniform policy on land acquisition and any multi-product SEZ being set up in the State would be given similar treatment under the policy. The charges being paid by RVL to HSIIDC are strictly in accordance with this policy of the State Government and any further acquisition that may be necessary for implementation of the project will also follow the same norms. The agreement, therefore, is much more comprehensive and envisages substantial long term returns to the Corporation than a mere transfer of land on a one time premium or even implementation of the SEZ by HSIIDC itself. Policy to acquire land He pointed out that the present Government, which assumed office in March 2005, has fixed floor rates for acquisition of farmers’ land and according to this decision the minimum collector rates are Rs. 21 lakh per acre in Gurgaon and its urbanisable area as well as district Panchkula. In case of remaining NCR, these rates are Rs. 18 lakh per acre and in the rest of the State, these rates would be Rs.eight lakh per acre. According to the policy of prior to March 2005, the average acquisition cost would come to Rs.6.5 lakh per acre even in Gurgaon district whereas in the remaining parts of the State it used to be far less.During the year 2004, the Government acquired 1400 acres of land for IMT Manesar-Phase-II to IV at an average cost of Rs. 8.5 lakh per acre. The land for setting up of SEZ by HSIIDC at Garhi Harsaru was acquired in January, 2006 at an average cost of Rs. 20 lakh per acre. This reflected that the Government was committed to safguard the insterests of the farmers. SEZs in backward areas.

The Government of India has so far granted in principle approval to about 21 private developers for setting up of SEZs in Haryana and 22 proposals are in the pipeline with the State Government. The location of the proposed SEZs cover such industrially backward areas like Mewat, Jhajjar and Rohtak within the NCR and Ambala outside NCR. As per the new policy, the state government, while acquiring land for private developers will ensure that the developers shall undertake to provide essential services like roads, street lights, drainage and sewerage, drinking water supply and build suitable medical care and schools alongwith community centre in all such villages where the village abadi is relocated at a new place. The developers shall also be required to set up industrial and training institutes and polytechnics in such areas to improve employment opportunities for the local youth. Also, the developer shall undertake to give employment to at least one member of the family whose land is acquired for setting up the project.

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HSIIDC and RVL Signed Joint Venture Agreement

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