Jhajjar township: Reliance Ventures, IL&FS part ways.

Reliance Industries Ltd. (RIL) recently announced an end to the strategic partnership between Reliance Ventures 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. HSIIDC has also exited the joint venture.


BS