Reliance Industries on Land Buying Spree
Friday, January 12, 2007
Reliance Industries Limited which is promoting the Reliance Haryana SEZ is on a Land buying spree. RIL is buying 50-60 acres of farm land from farmers everyday at a price of Rs 20 lakhs per acre.
According to insiders, the company has already acquired 8,000 acres at a cost of Rs 1,600 crores. Current SEZ discussions in the ministry plan to cap the land that can be bought from farmers at 10,000 acres. However, Reliance will exceed that figure easily and may become an exception to the clause when it becomes a law.
Other SEZ developers in North India are unhappy about Reliance mopping up vast tracts of land.
According to insiders, the company has already acquired 8,000 acres at a cost of Rs 1,600 crores. Current SEZ discussions in the ministry plan to cap the land that can be bought from farmers at 10,000 acres. However, Reliance will exceed that figure easily and may become an exception to the clause when it becomes a law.
Other SEZ developers in North India are unhappy about Reliance mopping up vast tracts of land.
Tags: India Land Bank, Reliance SEZ, India Realty, Haryana Real Estate
posted by Webmaster @ 10:21 AM
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