Monday, June 19 2006 19:17 Hrs (IST) - World Time -

Chandigarh: Reliance Industries and Haryana State Industrial and Infrastructure Development Corporationtoday 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, asubsidiary of RIL, 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 JV, to be called Reliance Haryana SEZ Ltd, would comprise of three directors from Reliance and two from HSIIDC.

Ambani said Reliance would invest Rs 25,000 crore in the project and seek investments from third parties.

"This 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.