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July 09, 2007 16:22 IST
ICICI Bank [Get Quote] has opened a branch in Jhajjar district of Haryana to advise farmers how to reinvest the huge cash they are receiving on sale of land to Reliance Industries for its SEZ in the area.
ICICI Bank has gone to the area on the advice of Reliance, which wanted the goodwill of the farmers besides ensuring that they invest the proceeds from the sale of land wisely.
Majority of farmers who sold their land to Reliance have gone to buy plots in Rajasthan and other states in the region. "Thus, there was no land alienation on a large scale," a government official said.
While Reliance is busy taking measures to build its goodwill among farmers, its joint venture with state government has already been transferred 1,715 acres of land that was earlier with the Haryana State Industrial Development Corporation.
The in-principle approval for the SEZ was obtained much before Reliance partnered with the HSIDC. The corporation had entered into an agreement in June 2006 with Reliance Ventures Ltd, a 100 per cent subsidiary of RIL [Get Quote].
The farmers are being advised by ICICI about the traditional investment options like the fixed deposits and insurance products.
"This would ensure regular income and security for them (farmers) who do not have skills to take up alternate vocation," the official said.
India's great rush for SEZs
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