MMRDA to invest Rs 5,000 cr to set up innovation park

The Mumbai Metropolitan Region Development Authority (MMRDA) will be investing over Rs 5,000 crore to set up a state-of-the-art innovation park on the outskirts of the city.

"We have already invited bids under the public-private partnership model for the innovation park.

"We are providing the basic infrastructure and the project cost will be around Rs 5,000 crore. But the cost may go up to Rs 20,000 crore if MMRDA needs to set up the business incubators," MMRDA Metropolitan Commissioner Ratnakar Gaikwad told reporters here today.

MMRDA has set November 20 as the deadline for submitting the tenders for the park, to be set up over 5,000 acres of land.

"We need 5,000 acres of land and have already identified the location. We will acquire the land in the next two months," Gaikwad said, without revealing the location.

The innovation park, to be built as per global standards, would be a confluence of research, education and various industry. It is expected to house about 25,000 scientists.