The Haryana government will have a token equity in the special economic zone project planned by Reliance Industries Ltd in the state.
The government will hand over 1,500 acres of land to RIL once the pact is signed which is expected to happen in one week. The state cabinet gave approval for the 25,000 acre SEZ project on Wednesday.
PK Chaudhary, principal secretary of Haryana and financial commissioner - industries, told Business Standard that the government has already acquired 1,500 acres and the company would buy the land from the state government.
"The company is expected to invest Rs 30,000 crore (Rs 300 billion) for infrastructure development and the first phase of the project will be completed in two-and-a-half years," he added.
He said a major part of the equity would stay with RIL and the government would keep only a token equity.
"We are looking to setting up world class facility in the state. Thus the investment till the SEZ is opened would be manifold than the initial. Automobile, petrochemical, engineering and textile industries will have separate facilities in the zone," he said.
After the infrastructure facility is arranged, the global industry majors will come to invest in the zone for building its units. Other companies are expected to invest over Rs 100,000 core in the zone.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
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