Reliance Ventures -- part of the Mukesh Ambani-controlled Reliance Industries -- and Haryana State Industrial & Infrastructure Development Corporation on 19 June 2006 signed a joint venture agreement for developing India's largest SEZ in the state.

Spread over 25,000 acres (around 10,000 ha), the SEZ project will entail an investment of Rs.40,000 crore. The SEZ aims to create infrastructure for service industries, manufacturing industries and also agro-based businesses. The SEZ project will focus on emerging industries like nanotechnology and biotechnology.

The SEZ project will also include a 2,000 MW power plant to meet the energy requirements of the residents units. A cargo airport is also being contemplated, subject to necessary approvals.

The location of the SEZ falls in Gurgaon and Jhajjar districts and would be abutting the proposed Kundli-Manesar-Palwal Expressway on both sides.

The project will be implemented through a joint venture -- Reliance Haryana SEZ Ltd -- between Reliance Ventures (90 per cent) and HSIIDC (10 per cent.)

This is Reliance Industries (Mukesh Ambani) group's largest investment outside western India. The group has traditionally been investing in Maharashtra and Gujarat.

The SEZ would catalyze an investment of over Rs. 1 lakh crore and generate direct and indirect employment for over five lakh people. On beginning operations, the Haryana state government is projected to derive revenues of Rs.10,000 crore per year.

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