Jhajjar township: Reliance Ventures, IL&FS part ways
Last week, RIL had announced its group company Reliance Haryana SEZ had returned 1,383.68 acres in Gurgaon, which it had acquired from Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) to set up a special economic zone (SEZ)
Sep 04, 2014
Source : Business Standard
Reliance Industries Ltd

 

New Delhi: Reliance Industries Ltd (RIL) on Wednesday announced an end to the strategic partnership between Ltd (RVL), RIL's wholly owned subsidiary, and Infrastructure Leasing and Financial Services Ltd (IL&FS) to co-promote the model economic township (MET) project in Jhajjar, Haryana.

The township is being developed by Reliance Haryana SEZ. In January 2011, IL&FS became a strategic partner in this project.

In a statement, RIL said, "The model economic township project will continue to be developed in the industrial model township framework on the directly-purchased land. Development work has been started on about 290 acres, as an industrial colony. Some Japanese majors have established manufacturing units in the MET project."

Last week, RIL had announced its group company Reliance Haryana SEZ had returned 1,383.68 acres in Gurgaon, which it had acquired from Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) to set up a special economic zone (SEZ).

Reliance Haryana SEZ is a joint venture between RVL and the government of Haryana, through HSIIDC. The venture was established to develop the SEZ/the MET project, along with other infrastructure facilities in Haryana. has also exited the joint venture.

In 2007, HSIIDC had transferred 1,383 acres to Reliance Haryana SEZ to develop an SEZ. On July 14, 2010, the Haryana government had approved the development of the SEZ on this land, as well as the development of the MET on the directly-purchased land.

However, in March 2011, the Union government withdrew the fiscal concessions (exemption of minimum alternate tax and dividend distribution tax) for the SEZ. "Consequently, in January 2012, Reliance Haryana SEZ offered to return the 1,383 acres, as the SEZ became unviable with the withdrawal of fiscal incentives. On February 7, 2014, the Haryana Cabinet approved the return of the land to HSIIDC at a price much lower than the price at which it was transferred to them. It also approved the exit of HSIIDC from the project," RIL said in a statement last week.

On the directly-purchased land, Reliance Haryana SEZ has developed 290 acres as an industrial colony; a few multinational corporations commenced production at the site in 2012. The company has sought another licence for an additional 415 acres.

EXIT MODE

  • The Model Economic Township project is being developed by Reliance Haryana SEZ, a joint venture between RVL and Haryana govt
     
  • IL&FS became a strategic partner in this project in January 2011
     
  • Last week, RIL announced that RHSL had returned 1383.68 acres of land in Gurgaon acquired from HSIIDC for setting up an SEZ due to revision of strategic priorities
     
  • RHSL was established for development of SEZ/model economic township projects and other infrastructure facilities in Haryana

Latest Realty News

Rise of property prices slack in city
Sep 04, 2014
The prices of residential property in Mumbai witnessed a 16 per cent increase over the last three years as compared to 41 per cent and 28 per cent in Bengaluru and Pune, respectively, according to the latest report from global real estate consultant, Cushman & Wakefield
Oriental Bank of Commerce Cuts Interest Rate on Home Loan
Sep 04, 2014
Oriental Bank of Commerce (OBC) on Wednesday cut home loan rate by 0.5 per cent to 10.25 per cent
Fire rule setback to gain in building height
Sep 03, 2014
Almost a year after Delhi Development Authority increased the cap on height of residential buildings from 15 metres to 17.5 metres, no one has benefited from the new policy
Supreme Court orders builder to repay Rs 33 crore maintenance fees
Sep 03, 2014
Dealing a blow to builders who don't deliver on promises, the Supreme Court has asked a developer in Gurgaon to refund residents Rs 33.38 crore — 70% of the maintenance fees it had collected since 2002 - for failing to provide the amenities it had committed to at the time of purchase
Admin orders kiosks in DLF phases removed
Sep 03, 2014
Deputy commissioner Shekhar Vidyarthi on Tuesday asked DLF to clear all unauthorized kiosks in the green belt in phases I to IV, barring those of dhobis
Political Blame Game Over DDA Housing Scheme
Sep 02, 2014
As the Delhi Development Authority (DDA) launched its much-awaited housing scheme on Monday, the Congress and the BJP resorted to mudslinging over the flats meant for economically weaker sections
Construction firm to pay Rs 4 lakh for mala fide intention to Haryana resident
Sep 02, 2014
A construction firm has been asked to pay Rs four lakh by a consumer forum here which said that it was trying to grab the money of "innocent consumers" with "mala fide" intention
DLF Belaire flat owners play safe on compensation
Sep 02, 2014
Consumer activism entered a new phase in working out claims and compensations. The latest example is of the Belaire project in Gurgaon, over which DLF, the country's largest real estate company, was recently told by the Supreme Court to pay Rs 630 crore for abusing its dominant market position
DDA housing: Cloud over Rohini flats as village seeks better deal
Sep 02, 2014
ocal agitation may delay handover of at least 3,000 flats in Rohini. Following a compensation dispute, residents of Barwala village, which encircles Rohini's sectors 34 to 37, had in April 2013 filed a writ petition in the Delhi high court against DDA's plan to construct flats there
Hoteliers lobby for changing norms to reduce parking space
Sep 02, 2014
Urban planners may be arguing in favour of creating adequate parking space within commercial complexes to reduce on-road parking, but the hoteliers in Delhi are pushing for changing norms to reduce parking space within the premises

Latest Realty News Of State

Realty Talk's