June 5, 2024: Reliance Industries is all set to develop a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 acre of land for Rs 13,400 crore. This 43-year lease stems from a memorandum of understanding signed with the Maharashtra government in 2018. The project aims to establish a ‘world-class’ integrated digital services industrial area with global partnerships.
According to an exchange filing by the company, the company’s subsidiaries have registered the sub-lease deeds for the land and obtained development rights from Navi Mumbai IIA (formerly Navi Mumbai SEZ), in which CIDCO holds a 26% stake. The sub-leased land will be developed into an integrated industrial area under the Maharashtra Industrial Policy, 2013, which allows SEZs to transition into integrated industrial areas suitable for setting up industrial units.
The land was originally allocated to Navi Mumbai SEZ in 2006 through a tender process to develop a SEZ meeting global standards. Promoted by Mukesh Ambani, CIDCO, and other entities, NMSEZ saw Reliance Industries begin the sub-leasing process with an initial payment of Rs 2,180 crore in 2019.
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