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.
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.
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