Model Economic Township Ltd, a subsidiary of Reliance Industries, will invest Rs 1,300 crore in setting up an electronic manufacturing hub and footwear park in Haryana. The manufacturing hub will reportedly provide employment opportunities to about 2,000 people.
The manufacturing hub would further attract additional investments to the tune of Rs 2,600 crore.
Model Economic Township was earlier known as Reliance Haryana SEZ. Two MoU's have been signed between RIL and the Haryana government during the global investor's summit last week, Press Trust of India reported.
The company wants to set up the manufacturing hub in an area of 450 acre and will set up the footwear park in an area of 500 acres of land. The total area of land leased out to the company is about 8,000 acres.
"We are developing a large industrial town in Jhajjar district spread over 8,000 acres. We have already developed 290 acres. Now the company has decided to set up an electronic hub and footwear park," Model Economic Township Ltd Director SV Goyal was quoted as saying by the agency.
Goyal said the Haryana government would facilitate all approvals on fast-track basis and also give incentives to the units â€“ which would be established in the electronic hub and the park.
"We want to support government's Make in India initiative by providing world class infrastructure to units which want to manufacture in India," Goyal said.
The Reliance Industries stock closed at Rs 1,015. 65 on Friday on the BSE, up 0.36 percent from its previous close.