Published On:June 5 2024
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RIL Announces Plans for Global Economic Hub in Navi Mumbai

RIL Announces Plans for Global Economic Hub in Navi Mumbai

Reliance Industries (RIL) is set to establish a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 acres of land for ₹13,400 crore. This 43-year lease follows a memorandum of understanding signed with the Maharashtra government in 2018.

According to an exchange filing, RIL's subsidiaries have completed the registration of the sub-lease deeds for the land and development rights from Navi Mumbai IIA Pvt Ltd (formerly Navi Mumbai SEZ), in which planning agency CIDCO holds a 26% stake. The sub-leased land will be used to develop an integrated industrial area under the Maharashtra Industrial Policy, 2013. This policy allows SEZs to transition to integrated industrial areas, facilitating the establishment of industrial units.

RIL aims to create a world-class integrated digital services industrial area with global partnerships, leveraging its experience in developing large integrated industrial complexes in Hazira, Jamnagar, and Dahej, an integrated smart city in Jhajjar, Haryana, and modern facilities at the Bandra-Kurla Complex in Mumbai.

The land was initially allocated to Navi Mumbai SEZ in 2006 as part of a tender process to develop a global SEZ. Promoted by Mukesh Ambani, CIDCO, and other entities, RIL began the sub-leasing process and made an initial payment of ₹2,180 crore in 2019.

This initiative aligns with the state government's strategy to decongest Mumbai by creating parallel industrial hubs in Navi Mumbai and Panvel. The plan includes upgrading infrastructure and providing facilities such as affordable housing and improved connectivity, with the Mumbai Trans Harbour Link significantly reducing travel time to Mumbai.

RIL's development of the industrial and economic hub will offer comprehensive physical and digital infrastructure, encouraging corporations to establish offices and factories in the area.

HBL





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