Reliance Industries Secures Land For Global Economic Hub In Maharashtra

Mumbai, Jun 5 (KNN) Reliance Industries Limited (RIL), India's largest private sector company, announced on Tuesday the completion of registration for sub-leasing approximately 3,750 acres of land in the state of Maharashtra.

This significant tract is earmarked for the development of an ambitious global economic hub project.

The land acquisition marks a key milestone in RIL's plans unveiled in 2018 through a Memorandum of Understanding with the Maharashtra government.

At that time, Reliance Industries Chairman Mukesh Ambani laid out a vision to establish a world-class integrated digital and services industrial area leveraging global partnerships and cutting-edge technologies of the Fourth Industrial Revolution.

The sub-lease agreements provide RIL's wholly-owned subsidiaries with land usage rights spanning 43 years for a total consideration of Rs 13,400 crore paid to Navi Mumbai IIA Private Limited, an entity in which the state's City and Industrial Development Corporation (CIDCO) holds a 26 per cent stake.

The land must be utilised for an integrated industrial area development in accordance with Maharashtra's Industrial Policy of 2013.

This mega project is expected to draw investments exceeding Rs 60,000 crore over the next decade through collaboration with an international coalition of companies, as outlined by Ambani during the 2018 Magnetic Maharashtra investor summit.

In 2019, RIL had entered into a separate Memorandum of Understanding with Navi Mumbai SEZ to sub-lease around 4,000 acres related to the same proposed industrial area development.

(KNN Bureau)