Reliance Industries Limited (RIL) is set to develop a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 acres of land for Rs 13,400 crore. The lease spans 43 years and stems from a memorandum of understanding signed with the Maharashtra government in 2018.
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In an exchange filing, RIL announced that its subsidiaries have completed the registration of the sub-lease deeds for the land, including development rights from Navi Mumbai IIA Pvt Ltd (formerly Navi Mumbai SEZ), where planning agency CIDCO holds a 26% stake.
The sub-leased land will be used to create an integrated industrial area under the Maharashtra Industrial Policy, 2013, which allows Special Economic Zones (SEZs) to transition to integrated industrial areas suitable for industrial units.
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RIL aims to establish a world-class integrated digital services industrial area with global partnerships. The company highlighted its successful track record in developing large integrated industrial complexes in Hazira, Jamnagar, and Dahej, an integrated smart city in Haryana’s Jhajjar district, a state-of-the-art convention center, and modern office spaces at Mumbai’s Bandra-Kurla Complex.
The land was originally allocated to Navi Mumbai SEZ in 2006 through a tender process to develop a global-standard SEZ. NMSEZ is promoted by Mukesh Ambani, CIDCO, and other entities. RIL initiated the sub-lease process with an initial payment of â¹2,180 crore in 2019.
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This development aligns with the Maharashtra government’s plan to decongest Mumbai by creating parallel industrial hubs in Navi Mumbai and Panvel, enhancing infrastructure, affordable housing, and connectivity. The Mumbai Trans Harbour Link has significantly reduced travel time, bringing these cities closer to Mumbai.
RIL’s project will develop an industrial and economic hub that provides both physical and digital infrastructure, encouraging corporations to establish offices and factories in the area.
