Reliance Mumbai SEZs to add Rs 50000 cr to exports

A day after inking the deal for the biggest SEZ in the country in Haryana, Reliance Industries (RIL) said its two other proposed SEZs in Mumbai would contribute Rs 50,000 crore to the country's exports once they become operational.

The SEZs, to be set up with an initial investment of Rs 25,000 crore, will see further investment of Rs 2,50,000 crore over the next decade and create employment opportunities for 25 lakh people, RIL said here today.

"The SEZs known as Navi Mumbai SEZ (NMSEZ) and MahaMumbai SEZ (MMSEZ) will earn a capital investment to the tune of Rs 25,000 crore, which as per primary expectations is likely to touch total investments of Rs 2,50,000 crore over a decade," RIL said.

The SEZs will need around 1,600 mw power for their energy needs. "The Mumbai SEZs will attract direct investments in industries, services and supporting social infrastructure sector," it said.

The SEZs in Haryana and Mumbai mark a foray by the country's top petrochemicals firm into the infrastructure space. Yesterday, RIL inked a pact with Haryana for setting up an over Rs 25,000-crore multi-product SEZ.

"The Haryana government has gone ahead with the signing of the SEZ with Reliance group despite political opposition. The step is crucial and deserves to be emulated by Maharashtra for a variety of reasons."

The NMSEZ will be developed in joint venture with Cidco, a state-run city and industrial development corporation.

Cidco already has 2,140 hectares of land in its possession and its transfer to the developer has started. Around 450 hectares has been handed over following the financial closure. The process to hand over another 1,200 hectares of land has started, it said.

MMSEZ will be set up over an area of 10,000 hectares in Panvel, Uran and Pen talukas of the Raigad district. The Maharashtra government will envisage the land acquisition process, the proposals for which are being worked out currently and being readied.

MMSEZ will be developed by the Mumbai Integrated SEZ (MISEZ). The SEZs will follow global standard norms for development and are scheduled to include complete civic infrastructure, business centres, residential colonies, academic institutions, hospital, sports and recreation centres.