Reliance Industries Limited (RIL) has entered into a memorandum of understanding with Navi Mumbai Special Economic Zone (NMSEZ) to sub-lease about 4,000 acres of land along with associated development rights for Rs 2,180 crore.
This will be to set up India's first integrated industrial area for the fourth industrial revolution in Maharashtra, the company informed stock exchanges on Thursday evening.
As part of a tender process, NMSEZ was allotted this land in 2006 to develop a world-class SEZ.
NMSEZ is owned 26 per cent by City and Industrial Development Corporation (CIDCO) and 74 per cent by other investors. The promoter group of Reliance has indirect interest in NMSEZ.
Under the Maharashtra Industrial Policy 2013, the state government permitted SEZs to migrate to integrated industrial area and make available the land for industrial units.
Reliance entered into a MoU with the state government to develop a global economic hub consisting of world-class integrated digital and services industrial area with global partnerships.
NMSEZ applied and received the consent to convert the SEZ into the integrated industrial area.