Haryana chief minister Bhupinder Singh Hooda (left) with Reliance Industries chairman Mukesh Ambani in Chandigarh on Monday. (Reuters)

Chandigarh, June 19: The Haryana government and Reliance Ventures Ltd, an arm of Reliance Industries, today signed a joint venture to set up the country’s largest multi-product special economic zone at an investment of Rs 40,000 crore.

“This is a historic day for us. It is not just an agreement between Reliance and the Haryana government, but a Team India effort. We have ventured out of western India for the first time and want to make this venture a success,” RIL chairman Mukesh Ambani said.

The deal, signed with the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), envisages an SEZ on a 25,000-acre plot with a cargo airport and a 2000 mw power plant.

“Our aim is to compete with other SEZs in Dubai and China. We would like to get at least top 15 to 20 global firms that do not have a unit in India. We are speaking to some of them,” he added.

He has promised to develop the zone as a world-class hub for manufacturing, services and agri-based industries. “Our aim is to create an infrastructure that is the best in the world. We are looking at other world-class SEZs.”

Reliance will put in Rs 25,000 crore and seek investment from other parties. “I can assure you that whatever we do will be transparent,” he said.

The joint venture, to be called Reliance Haryana SEZ Ltd, will have three directors from Reliance and two from HSIIDC. It will be listed on all major bourses in the country within three years.

About 35 per cent of the plot will be industrial, 15 per cent residential and 5 per cent will be developed for recreational purposes.

The company will negotiate for a tie-up with Walt Disney, Time Warner or Universal for theme parks in the SEZ. A golf course will be laid out and there will be a Metro link with Delhi.

RIL officials said the SEZ would create 2 lakh jobs, but Haryana chief minister Bhupinder Singh Hooda said over 5 lakh youths would benefit from the SEZ. “The revenue too can go up to Rs 10,000 crore-a-year,” Hooda said.

Ambani said the project would create opportunities not only for Haryana but also for northern India.

It is also the first step towards a public-private partnership with HSIIDC to attract investment.

The project would take 5-10 years to be completed, he added.

Under the deal, the HSIIDC will transfer about 1,395 acres acquired by it near Garhi Hasaru in Gurgaon.

The SEZ falls on National Highway 8 in Gurgaon and Jhajjar districts.