Cidco clears Mukesh Ambani's industrial city in Navi Mumbai

In its bid to revive a stalled project, the Maharashtra government-owned Cidco on Friday cleared the industrial city project in Navi Mumbai to be jointly developed by Mukesh Ambani’s personal entities, Jai Corp, Cidco and SKIL Infrastructure. The 5,300-acre project was earlier earmarked for a Special Economic Zone but failed to start due to a policy flip flop.

The project will now go to the State Cabinet for final clearance as the end use of the land is being changed from SEZ to an industrial city. Jai Corp and Ambani’s personal entities hold 48 per cent stake in the project. Cidco and SKIL Infrastructure hold 26 per cent stake each in the project, which was stalled for the past 14 years. “With the JNPT port nearby and the new international airport coming up, the industrial city can cater to both local as well as export-oriented units,” said a source close to the development. Of the 5,300 acres, the three-way venture company has 4,200 acres already in its possession. 

Ambani, who has good project implementation skills, will be taking the lead in setting up the infrastructure for the industrial city. 

This is not the first project that Ambani has invested in his personal capacity. The East-West gas pipeline and the port and power projects in Jamnagar are Ambani’s personal investments.

Ambani and Jai Corp had also planned to set up another SEZ, Mahamumbai, in Raigarh district. But the project faced stiff resistance from locals, who agitated against land acquisition by the state government. For the project, land was acquired in Uran, Pen and Panvel but it was later abandoned.