OREANDA-NEWS. Reliance Industries Limited today announced mutual and amicable separation in the agreement for strategic partnership between Reliance Ventures Limited (RVL), a wholly owned subsidiary of RIL and Infrastructure Leasing and Financial Services Limited (IL&FS) to co-promote the Model Economic Township (MET) project of Reliance Haryana SEZ Limited (RHSL).

The Model Economic Township project is being developed by RHSL, a wholly owned subsidiary of RVL, in the Industrial Model Township framework. IL&FS became a strategic partner in this project in January 2011.

The Model Economic Township project will continue to be developed in the Industrial Model Township framework on the directly purchased land. Development work has been started over 290 acres of land as an Industrial Colony. Some Japanese majors have established their manufacturing units in the MET Project.

Reliance Industries Limited (RIL) is India's largest private sector company, with a consolidated turnover of 4,46,339 crore (USD 74.5 billion), cash profit of 33,980 crore (USD 5.7 billion) and net profit of 22,493 crore (USD 3.8 billion) for the year ended March 31, 2014.

RIL is the first private sector company from India to feature in Fortune's Global 500 list of 'World's Largest Corporations' and continues to be featured for the 11th consecutive year, currently ranking 114th in terms of revenues and 155th in terms of profits. RIL ranks 194th in the Financial Times' FT Global 500 2014 list of the world's largest companies. As per Newsweek's Green Rankings 2014, RIL is India's greenest and most environment-friendly company, ranking 185th among the world's largest 500 companies.