RIL to build a 3750 acre global economic hub in Navi Mumbai
Reliance Industries Ltd. (RIL) is planning to build a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 acres of land for ₹13,400 crore. This development follows a memorandum of understanding signed with the Maharashtra government in 2018.
The lease, which spans 43 years, involves the registration of sub-lease deeds and development rights from Navi Mumbai IIA Pvt Ltd, previously known as Navi Mumbai SEZ. The planning agency CIDCO holds a 26% stake in this entity.
Under the Maharashtra Industrial Policy of 2013, the sub-leased land will be transformed into an integrated industrial area. This policy allows SEZs to convert to integrated industrial areas, facilitating the establishment of industrial units. RIL aims to develop a ‘world-class’ integrated digital services industrial area through global partnerships. The company highlighted its successful history in developing large integrated industrial complexes in Hazira, Jamnagar, and Dahej, as well as a fast-growing integrated smart city in Haryana’s Jhajjar district, and modern facilities like the Bandra-Kurla Complex convention center in Mumbai.
Initially, the land was allotted to Navi Mumbai SEZ in 2006 through a tender process to develop a SEZ of global standards. Promoted by Mukesh Ambani, CIDCO, and other entities, NMSEZ saw RIL beginning the sub-leasing process with an initial payment of ₹2,180 crore in 2019.
This initiative is in line with the Maharashtra government’s strategy to decongest Mumbai by creating parallel industrial hubs in Navi Mumbai and Panvel, improving infrastructure, and offering affordable housing and enhanced connectivity. The Mumbai Trans Harbour Link has significantly reduced travel time, bringing Navi Mumbai and Panvel closer to Mumbai.
RIL’s development plan aims to provide both physical and digital infrastructure, encouraging corporations to establish offices and factories in the new economic hub.
