RIL registers sub-lease deed for land to develop global economic hub

Mukesh Ambani-led firm moves a step closer to develop the global economic hub, proposed in 2018

Mukesh Ambani-promoted Reliance Industries (RIL) on Tuesday said its wholly-owned subsidiaries have completed the registration of a sub-lease deed for 3,750 acres of land in Maharashtra, where it plans to develop a global economic hub.

The firm had in February 2018 signed a Memorandum of Understanding (MOU) with the Maharashtra government to develop the global economic hub consisting of world-class integrated digital and services industrial area with global partnerships.

“RIL’s wholly owned subsidiaries have completed the registration of sub-lease deeds for about 3,750 acres of land along with the associated development rights for a period of 43 years for an aggregate consideration of Rs 13,400 crore from Navi Mumbai IIA Private Limited, in which CIDCO holds 26 percent,” the statement on BSE said.

CIDCO is City and Industrial Development Corporation, a state-run town planning agency for Navi Mumbai. 

The sub-leased land has to be used for development of an integrated industrial area in terms of Maharashtra Industrial Policy, 2013, the firm said.

At the Magnetic Maharashtra event in 2018, Ambani in his speech had said, “RIL will establish India’s first-ever integrated industrial area for the fourth Industrial Revolution in the state of Maharashtra… will invest with a coalition of global companies more than Rs 60,000 crore over the next 10 years in this collaborative initiative.”

A year later, in 2019, RIL --through a wholly-owned subsidiary -- entered into an MOU with Navi Mumbai SEZ (NMSEZ) to sub lease land of about 4000 acres along with the associated development rights from it, related to the same proposed industrial area.

In its Tuesday release, RIL noted it has proven track record of developing large integrated industrial complexes at Hazira, Jamnagar and Dahej, fast growing integrated smart city in Jhajjar district of Haryana, a state-of-the-art convention centre and modern office space at Bandra-Kurla Complex, Mumbai.