Export objective hit as Reliance fails to set up SEZ: CAG

Chandigarh, Mar 11 (PTI) Government auditor CAG in its latest report has observed that because of the failure of Reliance Haryana SEZ Ltd (RHSL) in setting up the ambitious SEZ project in Haryana, the objective of boosting exports was defeated. In its audit report of Haryana's PSUs for 2011-12, CAG observed that "due to the failure of RHSL to set up SEZ in Gurgaon and Jhajjar, the objective of boosting of export was defeated." The Comptroller and Auditor General of India's report was today tabled here on the concluding day of the Haryana Budget session here. In the audit of state-owned Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC), CAG said that RHSL was required to acquire 25,000 acres of land for Gurgaon and Jhajjar but it could acquire only 8,350 acres of land even up to the March 31, 2012. "So setting up of SEZ could not fructify," it said. The auditor said in the report that the RHSL even did not pay the 15 per cent penalty on the value of the land transferred to it in case of the project failed. "However, instead of paying any penalty, RHSL demanded Rs 1,172 crore for returning the land to the company as it claimed development cost, stamp duty refund, annuity paid and 18 per cent per annum interest," it said. Reliance Industries had approached the Haryana government in September 2005 for setting up multi-product SEZ. Reliance Venture Limited (a 100 per cent subsidiary of RIL) entered into a joint venture with HSIIDC and a special purpose vehicle was incorporated in October 2006 to implement the project. In the first phase, SEZ was to be established at Gurgaon and in the second phase at Jhajjar. In accordance with the agreement, HSIIDC transferred 1,383.68 acres of land at Gurgaon at a cost of Rs 399.85 crore to RHSL. PTI CHS MR

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