Reliance is supposed to develop a multi services Special Economic Zone (SEZ) in Gurgaon on the land.

RIL, which had put its plans to set up SEZs worth billions of dollars, is now scouting for a strategic partner in its multi services SEZ project in Gurgaon.

According to sources, the company has already initiated talks with the American realty firm Hines.

While the modalities of this deal are still being worked out, RIL has an option to sell 15 per cent in the SEZ to Hines and also give rights to develop up to 200 acres of the zone, valuing the project at about $4 billion.

Reliance, however, has denied the report.
Experts say that the entry of a seasoned player like Hines in the SEZ sector could help restore the once attractive project's lost glory.

Rumneek Bawa, MD of Topworth Infra, said, "For reviving SEZs, we need companies with investment potential and proven expertise."

Sources said Reliance plans to seek Haryana state government's approval, as its industrial corporation is a 10 per cent partner in the SEZ. It is also in talks with IL&FS for another minority stake in the project.

It's all about land. The Gurgaon multi services SEZ is spread over 1500 acres of land, which the company had procured a couple of years ago for less than Rs 400 crore.

In all, the company has acquired more than 10,000 acres in the region and sources say that going forward, more strategic partners could be brought on board in a phased manner.