Infraco May Buy 45 Percent In Reliances Jhajjar Sez-neogeo.zip

Business Reliance Industries Ltd has zeroed in on Singapore-based infrastructure firm InfraCo to offload 45 per cent stake in its Jhajjar SEZ. Spread out over 25,000 acres, the Rs 30,000-crore project located in Haryana is majority-owned by RIL, with 10 per cent held by the Haryana State Industrial and Infrastructure Development Corporation. If the deal goes through, RILs holding in the project will .e down to 45 per cent. FE was the first to report RILs in-principle decision to offload stake to a strategic partner for capital support. This would be the first time the Mukesh Ambani-led .pany inducts a partner for holding a major stake in any of its ventures. The induction of InfraCo is strategically important for RIL, as the Singapore-based .pany has the ability to share risks associated with the infrastructure project, as it would take years for its in.e streams to turn robust. InfraCo funds early-stage, high-risk costs by taking an equity stake in the project and making decisions that will lead to socially responsible and successful construction and operation. In the past, IL & FS and Mitsui have also reportedly been in the fray for a strategic stake in the venture. RIL has sought Haryanas permission to convert part of the project into an industrial model township, as it sees potential in the project as a real estate venture rather than a .plete SEZ given various tax .plications. An RIL spokesperson said: As per .pany policy, we would not like to .ment on market speculation and individual transactions. Currently, requisite permissions, statutory approvals and clearances are being processed and we are working on the financial closure of the project. InfraCo aims to stimulate greater private investment in African and Asian infrastructure development by acting as a principal project developer, focussing on lower-in.e countries. The .pany has presence in all major Asian and African countries in infrastructure-related projects. Announced in 2006, the Reliance Haryana SEZ was planned as one of the biggest multi-product SEZs, with provision for a cargo airport and a 2,000-mw power plant, which would provide a world-class hub for manufacturing, services and agri-based industries in the most .petitive environment. It had set a target of providing around 5 lakh jobs. Sources said RIL has so far invested Rs 3,000 crore and bought around 8,000 acre of land. Inducting a partner will add to the viability of the project. Multi-product SEZs, despite the investment and employment potential, are difficult to finance from domestic banks. RBI has discouraged banks from lending to SEZ developers; so, the only option is to tap external .mercial borrowings or go for overseas depository receipt issues. About the Author: 相关的主题文章: