Categories: Current AffairsEconomy

RIL to Build Global Economic Hub in Navi Mumbai

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.

About the Lease with Maharashtra Government

The lease is for a period of 43 years, and it follows a memorandum of understanding that the company had signed with the Maharashtra government back in 2018. RIL also said that the sub-leased land is to be used for the development of an integrated industrial area under the terms of Maharashtra Industrial Policy, 2013. Under this policy SEZs were allowed to migrate to integrated industrial area, where industrial units can be set up.

Vision of Reliance Industries Limited (RIL)

RIL wants to create an integrated digital services industrial region of the highest caliber through international collaborations. Modern office spaces at Mumbai’s Bandra-Kurla Complex, an integrated smart city in Haryana’s Jhajjar district, a state-of-the-art convention center, and big integrated industrial complexes in Hazira, Jamnagar, and Dahej were among the company’s successful development projects.
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 a 2,180 crore in 2019.
This development is in line with the Maharashtra government’s objective to improve infrastructure, affordable housing, and connectivity while also developing parallel industrial clusters in Panvel and Navi Mumbai. These cities are now closer to Mumbai thanks to the substantial reduction in travel time provided by the Mumbai Trans Harbour Link.
By creating a physical and digital industrial and economic core, RIL’s proposal will entice businesses to locate their headquarters and manufacturing facilities in the region.