2 min readChandigarhFeb 8, 2014 01:22 AM IST
First published on: Feb 8, 2014 at 01:22 AM IST
The Haryana government is set to take back the 1383.68 acres of land from Reliance after it failed to develop it as a Special Economic Zone (SEZ). At a Cabinet meeting Friday under the chairmanship of CM Bhupinder Singh Hooda, the state also decided to pay Reliance a sum of Rs 343 crore for the land which shall be vested with Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC).
HSIIDC and Reliance Ventures Ltd, a 100 per cent owned subsidiary of Reliance Industries Ltd, had entered into a Joint Venture Agreement on June 19, 2006 for setting up an SEZ over 25,000 acres in Gurgaon and Jhajjar districts. HSIIDC had transferred about 1383.68 acre in village Garhi Harsaru to the special purpose vehicle floated by HSIIDC and RVL for implementing the project — Reliance Haryana SEZ Ltd (RHSL), for a consideration price of about Rs 399.85 crore.
“The project configuration was subsequently changed to SEZ in Gurgaon district over 12,500 acre and a Model Economic Township over 12,500 acre in Jhajjar district. Reliance was able to purchase and aggregate about 7,100 acre in Jhajjar district and another about 1,200 acre in Gurgaon district, which however was not contiguous. RHSL also paid annuity to the landowners whose land was acquired/ procured in Gurgaon and Jhajjar amounting to Rs 50.71 crore up to March 31, 2013 that included Rs 17.61 crore on HSIIDC land in Gurgaon and Rs 33.10 crore in Jhajjar where they had procured land through direct negotiations,” said Yudhvir Malik, Additional Chief Secretary, Industries.
After the Cabinet meeting, Hooda said, “Cabinet approved the return of the land to HSIIDC, in lieu of payment of Rs 343.51 crore to RHSL as against Rs 399.85 crore paid by RHSL at the time of transfer of land. The demand of Rs 1,172 crore by RHSL, claims on account of administrative charges forming price of the subject, refund of stamp duty, re-imbursement of development expenditure and interest have not been accepted.”
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