Haryana allows Reliance to quit SEZ, will give Rs 343 crore for land

Sensing the difficulties posed in this behalf, the Chief Minister had requested Reliance to return the HSIIDC land, it said.

The release added: “As such, RHSL offered to return the HSIIDC land and abandon the SEZ project in Gurgaon vide their letter of January 2012.

“RHSL had requested for refund of the amount paid by them to the HSIIDC and re-imbursement of expenditure incurred on the site, apart from interest on the said amount aggregating to Rs. 1,172 crore.”

The proposal was considered at the level of the Haryana Investment Promotion Board, headed by the Chief Minister, after examining all the legal aspects of the Joint Venture Agreement, it said, adding that HIPB recommended acceptance of the return offer strictly in accordance with the provisions of the JV agreement.

The release said: “Accordingly, the Haryana Cabinet today approved the return of the land to HSIIDC, in lieu of payment of an amount of Rs 343.51 crore to RHSL as against Rs 399.85 crore paid by RHSL at the time of transfer of land and the demand of Rs 1,172 crore by RHSL.

“The claims on account of Administrative charges forming price of the subject, refund of the Stamp Duty, re-imbursement of development expenditure and interest amount have not been accepted. The refund amount has been worked out strictly as per the terms of the Joint Venture Agreement date 19th June 2006 signed between the HSIIDC and RVL.”