RVL, IL&FS in pact for Jhajjar

MUMBAI: Reliance Ventures Limited (RVL), a wholly-owned subsidiary of Reliance Industries Limited, and Infrastructure Leasing and Financial Services Limited (IL&FS), on Tuesday said that they have entered into an agreement, whereby IL&FS will become a strategic partner and co-promoter of a project to develop a model economic township and other infrastructure facilities at Jhajjar in Haryana.

This project is a spin-off from Reliance Haryana SEZ Ltd, which is a joint venture between RVL and the government of Haryana, a press release issued here stated.

IL&FS will acquire a 45% equity interest in this new project company. RVL and the government of Haryana will hold 45% and 10%, respectively, the release said.