ManagementRIL in talks with IL&FS on Haryana SEZ
Having acquired contiguous land of over 8,000 acres at Jhajjar in Haryana, Reliance Haryana SEZ Ltd (a joint venture between Reliance Ventures Ltd and Haryana State Infrastructure and Industrial Development Corporation, or HSIIDC) is likely to rope in Infrastructure Leasing & Financial Services Ltd (IL&FS) as a consultant and co-partner in the project.
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HSIIDC MD Rajiv Arora told Business Standard that Reliance Ventures Limited is already in talks with IL&FS, besides other likely partners.
“If IL&FS is hired as a consultant, then it will be added as a co-partner by offloading some equity,” he said. Since it is a colossal project involving huge investments, the financial participation of a consultant makes it a viable business proposition, he added. Reliance Ventures Limited is a closely held company. According to Arora, the steering committee will meet to discuss the business plan and further course of action should be decided in a fortnight.
There are three directors in Reliance Haryana SEZ Ltd (two from Reliance and one from HSIIDC). Any new partner will be eligible to nominate one more director to the board. If the number of directors exceeds six, then HSIIDC will have the right to induct more directors. The number of directors cannot go beyond 12 and the CMD will be nominated by RIL.
The joint venture Agreement between Reliance Ventures Limited (a 100 per cent subsidiary of Reliance Industries) and HSIIDC was signed on June 19, 2006 for setting up a multi-product mega special economic zone over 25,000 acres in Gurgaon-Jhajjar in Haryana (that was later bifurcated into two SEZs — 12,500 acres at Gurgaon and 12,500 acres at Jhajjar).