Reliance Industries Limited (RIL) is set to establish a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 Acres of land for an estimated INR 13,400 Crore. The lease duration is 43 years, following a memorandum of understanding signed with the Maharashtra Government back in 2018.
The land, initially allotted to the Navi Mumbai SEZ (NMSEZ) in 2006, will be used to develop an integrated industrial area. RIL aims to create a world-class integrated digital services industrial area through global partnerships. Moreover, the economic hub will provide infrastructure encouraging corporations to set up offices and factories.
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Moreover, this initiative aligns with the state government’s plan to decongest Mumbai. It will create parallel industrial hubs in Navi Mumbai and Panvel, enhancing infrastructure and providing facilities such as affordable housing and improved connectivity.
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