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Reliance Realty to build fintech centre in Navi Mumbai

Press Trust of India  |  New Delhi 

Realty, a subsidiary of Communications, plans to develop a in for which it has got the required approval, a company statement said Monday.

"The Department of Information Technology, Government of and the Industrial Development Corporation (MIDC) granted approval to Realty for development of the at its Dhirubhai Ambani Knowledge City in Navi Mumbai, under the Government of Maharashtra's new Fintech Policy," statement said.

Reliance Realty's Dhirubhai Ambani Knowledge City, spread across over 132 acres, will have total saleable or leasable area of over 30 million square feet.

is reeling under debt of over Rs 46,000 crore and, earlier this month, said that its Board has decided on implementation of debt resolution plans through NCLT (National Company Law Tribunal) framework.

The Board had noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process was yet to make any headway.

"Accordingly, the Board decided that the company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," RCom had said in a statement on February 1.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 15:55 IST