RIL arm to invest Rs 1,300 crore in Haryana for electronics hub
Reliance Industries' wholly-owned arm Model Economic Township Ltd will develop an electronics manufacturing hub and footwear park at Jhajjar, Haryana with an investment of Rs 1,300 crore.
New Delhi: Reliance Industries' wholly-owned arm Model Economic Township Ltd will develop an electronics manufacturing hub and footwear park at Jhajjar, Haryana with an investment of Rs 1,300 crore.
Model Economic Township Ltd, formerly known as Reliance Haryana SEZ Ltd, also expects that the electronic hub and footwear park would attract a further investments of Rs 2,600 crore from units to be established inside it while generating about 20,000 employment opportunities.
The firm has signed two MOUs (memorandum of understanding) with the Haryana government at the Happening Haryana global investors summit to develop 450-acre electronic manufacturing clusters and 500-acres footwear park.
The proposed electronic hub and footwear park is part of 8,000 acre industrial town being developed by the company.
"We are developing a large industrial town in Jhajjar district spread over 8,000 acres. We have already developed 290 acres. Now the company has decided to set up an electronic hub and footwear park. " Model Economic Township Ltd Director SV Goyal told PTI.
Elaborating on the company's agreement with Haryana government, Goyal said: "We have signed two MoUs for the development of 450 acres for electronic manufacturing cluster and another 500 acres for footwear park."
As per the MOUs, he said the Haryana government will facilitate all approvals on fast track basis and also provide eligible incentives to the units to be established in both electronic hub and footwear park.
Asked about the investment, Goyal said: "The project cost for electronic manufacturing cluster would be Rs 500 crore and for footwear park Rs 800 crore. Total project cost for both would be Rs 1,300 crore".
That apart, the electronic hub is estimated to attract an investment of Rs 1,000 crore from units in electronic hub and another Rs 1600 crore from units in footwear park.
"We want to support government's Make in India initiative by providing world class infrastructure to units which want to manufacture in India," he said.
Already, Japanese major Panasonic and Denso have set up their facilities and generated employment opportunities of about 3,000 persons in the 290 acres which has already been operationalised.
Model Economic Township Ltd has applied for license to develop electronic hub and would soon make an application for the footwear park.
"About 100 units could be established in both electronic hub and footwear park generating an employment opportunities for around 20,000 people," Goyal said, adding the development process would take 3-5 years. The company aims to provide social infrastructure which will create an ecosystem for walk to work culture, he said.