Reliance Industries Thursday said it has leased 4,000 acres of land from Navi Mumbai SEZ (NMSEZ) for an initial payment of Rs 2,180 crore to develop a global economic hub.
NMSEZ, as part of a tender process was allotted this land in 2006 to develop a world class SEZ.
NMSEZ, which is promoted by Reliance Industries Chairman Mukesh Ambani, Jai Corp India, SKIL Infrastructure Ltd and City and Industrial Development Corp (CIDCO), was supposed to open to industrial units in 2019.
"RIL through a wholly owned subsidiary has entered into an MoU with NMSEZ to sub-lease land of about 4000 acres alongwith the associated development rights by making an initial payment of Rs 2,180 crore subject to fulfilment of certain conditions," the company said in a regulatory filing.
CIDCO holds 26 per cent stake in NMSEZ, while the rest is held by Ambani, Jai Corp promoted by Anand Jain and Nikhil Gandhi's SKIL Infrastructure.
"The Government of Maharashtra, in terms of Maharashtra Industrial Policy 2013 permitted the SEZs in the state to migrate to Integrated Industrial Area and make available the land for industrial units.
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"RIL entered into a Memorandum of Understanding with the government of Maharashtra to develop a Global Economic Hub consisting of world class integrated digital and services industrial area with global partnerships," the statement said.
NMSEZ applied and received the consent to convert the SEZ into the Integrated Industrial Area (IIA) as per the GOM Industrial Policy.
"This will be India's first ever Integrated Industrial Area for the Fourth Industrial Revolution in Maharashtra," it added.