Mukesh Ambani-backed smart city near Delhi-NCR sees huge expansion

19 Apr 2024 CW Team

Mukesh Ambani, the current wealthiest individual in India and Asia, boasts an immense net worth of Rs 1.28 trillion. His company, Reliance Industries, presently holds the title of the most valuable company in India, with a market capitalization of Rs 19.830 trillion. Under the leadership of Mukesh Ambani, Reliance Industries operates across various sectors through its subsidiaries. One such subsidiary, known as Model Economic Township or MET City, is in the process of constructing a smart city from the ground up near the national capital region.

The new greenfield city is under development in Haryana?s Jhajjar, near Gurugram, an economically significant area within the Delhi NCR region. Presently, it houses major corporations such as Nihon Kohden, Panasonic, Denso, and T-Suzuki. Notably, for the fiscal year ending March 2024, it has reported impressive growth figures. The subsidiary, MET City, has received a total booking value of Rs 19.13 billion. In the fiscal year 2023-2024, Reliance Industries's MET City witnessed bookings for plots amounting to 1079. Among these bookings, Rs 10.04 billion originated from the residential segment, while Rs 8.96 billion stemmed from the industrial segment. Situated across 8,250 acres in Jhajjar district near Gurugram, Haryana, MET City is Mukesh Ambani's brainchild.

Additionally, Mukesh Ambani's smart city project near Delhi-NCR accommodates Saab?s new weapon manufacturing plant, where the Carl-Gustaf M4 weapon will be produced. At this new facility, Saab plans to deploy advanced technologies, including the latest sighting technology and advanced carbon fibre winding, for manufacturing the Carl-Gustaf M4 intended for the Indian armed forces, as well as components that may be integrated into other users? systems.

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