An infrastructure financing and management company, Infrastructure Leasing & Financial Services (IL&FS), is now a “co-promoter” of RIL’s promoted special economic zone (SEZ) project in Haryana.
IL&FS recently picked-up a “significant minority stake” in the $10-billion project. Reliance Group held a 90 per cent stake in this prestigious project, while HSIIDC is a 10 per cent shareholder.
IL&FS is all set to play a leading role in the management of the project. It’s expected to invite new strategic partners and achieve financial closure of the project.
Reliance started work on the project in 2005. This SEZ is sprawled over an area of 25,000 acres and is meant to house a cargo airport, a 2,000 mw power plant, and have rail linkages to Delhi. And, once completed, 5 lakh jobs are expected to be generated.
Reliance Industries had also considered collaboration with Walt Disney, Time Warner or Universal to establish theme parks and entertainment centres.