Milestone Achievement: RIL Secures Land for Global Economic Hub in Navi Mumbai
Navi Mumbai, 5th June 2024: Reliance Industries Limited (RIL) is embarking on a transformative endeavor to establish a global economic hub in Navi Mumbai, marking a significant milestone in the region’s development landscape. Having secured sub-leases covering approximately 3,750 acres of land for Rs 13,400 crore, RIL’s ambitious project is poised to reshape the economic landscape of the area. This lease, spanning 43 years, stems from a memorandum of understanding inked with the Maharashtra government back in 2018.
In a recent exchange filing, RIL disclosed the completion of registration for the sub-lease deeds, including development rights acquired from Navi Mumbai IIA Pvt Ltd (formerly Navi Mumbai SEZ), in which CIDCO holds a notable 26% stake.
The allocated land will serve as the canvas for crafting an integrated industrial zone in accordance with the Maharashtra Industrial Policy, 2013, facilitating the transition of Special Economic Zones (SEZs) into comprehensive industrial areas conducive to diverse industrial activities.
RIL envisions the establishment of a cutting-edge integrated digital services industrial area, bolstered by strategic global partnerships. Leveraging its proven expertise in developing expansive industrial complexes like those in Hazira, Jamnagar, and Dahej, along with pioneering projects such as an integrated smart city in Haryana’s Jhajjar district, RIL is poised to redefine industrial infrastructure paradigms.
Originally designated for Navi Mumbai SEZ in 2006, the land allocation marks a pivotal chapter in the region’s industrial evolution. Spearheaded by Mukesh Ambani, CIDCO, and other stakeholders, the project’s initiation by RIL, with an initial payment of ₹2,180 crore in 2019, underscores its commitment to driving forward this transformative vision.
This endeavor dovetails seamlessly with the Maharashtra government’s overarching strategy to alleviate Mumbai’s congestion by fostering alternative industrial hubs in Navi Mumbai and Panvel. The advent of crucial infrastructure projects like the Mumbai Trans Harbour Link has effectively narrowed the geographic gap between Mumbai and its satellite cities.
RIL’s initiative promises to catalyze the emergence of a dynamic industrial and economic nucleus, meticulously engineered to provide both physical and digital infrastructure. By nurturing an ecosystem conducive to business growth, RIL’s endeavor is poised to attract diverse corporations, fostering a vibrant industrial landscape in the region.
