Haryana okays RIL proposal to quit SEZ
The Haryana government approved Reliance Industries’ proposal to opt out of an SEZ in Gurgaon and said it will reimburse R343 crore, lower than the R1,172 crore demanded by the company, for taking back the land. CM Bhupinder Singh Hooda told reporters the proposal of RIL was approved by the state Cabinet at its meeting.
Mukesh Ambani-led RIL had sought the reversal of 1,383.68 acre — from Reliance Haryana SEZ (RHSL) to the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) — saying the project had become unviable. An official release said the SEZ project at Gurgaon had “been rendered economically unviable due to the mid-term corrections in SEZ policy viz imposition of the minimum alternate tax (MAT), withdrawal of the tax holiday, slowdown in the global economy, prohibitively high prices of land and other problems associated with aggregation of land through private negotiations”.
Sensing the difficulties posed in this behalf, the CM had requested Reliance to return the HSIIDC land, it said.
The release added: “As such, RHSL offered to return the HSIIDC land and abandon the SEZ project in Gurgaon vide their letter of January 2012. “RHSL had requested for refund of the amount paid by them to the HSIIDC and reimbursement of expenditure incurred on the site, apart from interest on the said amount aggregating to R1,172 crore.”
Bhupinder Singh Hooda, Gurgaon, Haryana government, HSIIDC, Mukesh Ambani, Reliance Industries, RHSL, SEZ
