The dedicated body will look after mangroves, marine flora and fauna, as well as help protect the environment, he said.
He said that out of Maharashtra's 720 km coastline, 29,839 hectares are covered by mangroves.
As per directives of the Maharashtra Wildlife Board, three per cent of the cost of the Navi Mumbai International Airport (Rs 115.71 crore) has been deposited with the state's forest department to conserve mangroves, he said.
If other mangroves are diverted for development, a similar amount will be deposited with the newly set up foundation, he said.