The plans of Indias biggest private sector company by market capitalization, Reliance Industries Ltd (RIL), to create special economic zones (SEZs) at Jhajjar and Gurgaon in Haryana seem to have run into trouble over issues related to land acquisition, with land owners in the area demanding around three times the amount the company is willing to pay because land prices have increased since late 2006, when the company made its offer.
We require around 25,000 acres for our SEZs. While we are in possession of around 9,500 acres, the owners of the remaining land are demanding around Rs1 crore per acre, which is more than the notified rates (the rates fixed by the company) of around Rs38 lakh per acre (including annuity). This is a huge headache for us, said an RIL executive, who didnt wish to be named because he is not authorized to speak to the
media.
SEZs are industrial enclaves that come with fiscal and other benefits. Companies wishing to set them up have to take an initial approval from the government, acquire the land, and then have the SEZ notified, which means the units based there are eligible for the fiscal benefits.
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