The Hindu Business Line : Reliance to sign MoU with Punjab for agri project

CHANDIGARH: Having identified Punjab as a key State in its mega retail business plan, Reliance Industries Ltd (RIL) will sign a memorandum of understanding tomorrow with the State Government for investing Rs 500 crore in agri projects.

While the corporate leader would commit an initial investment of Rs 500 crore, the State Government is expected to grant a package of concessions for setting up the mega agri projects and retail business expeditiously.

As part of the project, RIL would undertake to complete the roll out by 2012 in Punjab, envisaging forward linkages to encourage demand driven farm production and setting up of captive farms, organic farms, greenhouses along with development of infrastru cture for supply chain.

Reliance's MoU with Punjab follows an agreement reached by it in June for setting up a Rs 30,000 crore SEZ in Haryana.

As per the MoU, Punjab has agreed to give Reliance a host of concessions, including waiver of market fee, infrastructure cess and rural development fund for a period of 20 years apart from exemption on a minimum of 50 per cent electricity duty for a peri od of 20 years, informed sources said.

The company has already identified six sites totalling about 293 acres (and costing about Rs 37 crore), which the State Government has agreed to transfer on an outright basis within 30 days of signing of the MoU, the sources added. - PTI

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