RIL registers a sub-lease deed to build a global economic hub

06 Jun 2024 CW Team

Reliance Industries (RIL), which is supported by Mukesh Ambani, said that its wholly-owned companies have finished registering a sub-lease deed for 3,750 acres of property in Maharashtra, where it intends to establish a global economic powerhouse. The company and the Maharashtra government inked a Memorandum of Understanding (MOU) in February 2018 with the goal of creating a global economic powerhouse with world-class integrated digital and services industries and international alliances. The statement on BSE reported that RIL's wholly owned subsidiaries had completed the registration of sub-lease deeds for approximately 3,750 acres of land, along with the associated development rights, for a period of 43 years, for a total consideration of Rs 134 billion from Navi Mumbai IIA Private Limited, in which CIDCO held 26 percent. It was mentioned that CIDCO, which stands for City and Industrial Development Corporation, is a state-run town planning agency for Navi Mumbai. The firm stated that the sub-leased land was required to be utilised for the development of an integrated industrial area according to the terms of the Maharashtra Industrial Policy, 2013. In his speech at the Magnetic Maharashtra event in 2018, Ambani announced that RIL would establish India?s first-ever integrated industrial area for the fourth Industrial Revolution in the state of Maharashtra. He had further stated that the company would invest more than Rs 600 billion over the next 10 years in this collaborative initiative with a coalition of global companies. A wholly-owned subsidiary of RIL agreed to an MOU with Navi Mumbai SEZ (NMSEZ) a year later, in 2019, to sublease property totaling around 4000 acres and the corresponding development rights from it, all of which were connected to the same projected industrial region. Large integrated industrial complexes in Hazira, Jamnagar, and Dahej, a rapidly expanding integrated smart city in the Jhajjar region of Haryana, a cutting-edge convention centre, and contemporary office space in Mumbai's Bandra-Kurla Complex are just a few of the projects that RIL has demonstrated its ability to build.

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