The memorial will be constructed near the Chaitya Bhoomi on the land belonging to erstwhile Indu Mill.
The request for a memorial in honour of Ambedkar was put forth by the Maharashtra government.
"Setting up of a memorial in honour of Dr Baba Saheb Ambedkar, near the Chaitya Bhoomi at Mumbai in the land belonging to erstwhile Indu Mill has been under consideration of the Government.
"Based on the request of Government of Maharashtra, it has been decided that a befitting Memorial would be set up, for which details are being worked out in consultation with the State Government. The Government is committed to complete all legal formalities at the earliest," the Textiles Ministry said in a release.
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