News: 'Time to think like TEAM INDIA'

(BS/PTI 19/06/2006) Mumbai - Mukesh Ambani, chairman of Reliance Industries, said it is time to think like TEAM INDIA, and compete with global centres of manufacturing and finance to attract investments to India. Ambani was addressing a press conference in Chandigarh after Reliance Industries and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) signed a joint venture agreement for setting up a Rs 25,000 crore multi-product special economic zone that has provisions for a cargo airport and a 2,000 MW power plant.

The agreement was signed between Reliance Ventures, a subsidiary of Reliance, and HSIIDC in the presence of Reliance Industries chief Mukesh Ambani and Haryana Chief Minister Bhupinder Singh Hooda.

Immediately after signing the deal, Ambani promised to develop the SEZ as a world-class hub for manufacturing, services and agri-based industries in the most competitive environment.

The board of directors of the JV, to be called Reliance Haryana SEZ, would comprise of three directors from Reliance and two from HSIIDC.

"The SEZ is going to create five lakh jobs and revenues up to Rs 10,000 crore, which will improve the per capita income of Haryana," Hooda said. Ambani said Reliance is investing such a huge amount (roughly Rs 25,000 crore) outside western India for the first time. "It is time for India to reap the benefits of globlisation. Our target would be Fortune 500 companies for Reliance Haryana SEZ," Ambani said. While adding that the SEZ would attract investments from high-growth areas like nano-technology and bio-technology, "we are also planning a cargo airport, if all the requisite approvals are in place, so that the SEZ can become an aggregation hub for North India."

Updated at 1400 hrs: Reliance to list Haryana SEZ in 3yrs

Reliance Industries is planning to list Reliance Haryana SEZ, its joint venture with Haryana State Industrial Development Corporation (HSIDC) for setting up India's largest special economic zone (SEZ), in three years. The SEZ is expected to generate a turnover of up to Rs 50,000 crore in the very first year of operation. RIL is setting up the SEZ, which would house an airport and a 2,000 MW power plant, with an investment of Rs 25,000 crore from its coffers while looking at another Rs 1,00,000 crore from third parties. While Reliance would hold 95% equity in the JV, HSIDC would hold the remaining 5%. HSIDC would complete the land acquisition in three years and development activities would be completed in another two years. Reliance might also tie-up with global giants such as Disney, Time Warner or Universal to establish entertainment centres for attracting domestic and foreign tourists. (PTI)