Cabinet clears more land for Reliance SEZ
The issue of land availability for the Navi Mumbai Special Economic Zone, jointly proposed by the Mukesh Ambani-led Reliance Industries (RIL) and the City and Industrial Development Corporation of Maharashtra (CIDCO), has made some progress.
By TNN |
MUMBAI: The issue of land availability for the Navi Mumbai Special Economic Zone, jointly proposed by the Mukesh Ambani-led Reliance Industries (RIL) and the City and Industrial Development Corporation of Maharashtra (CIDCO), has made some progress.
On Wednesday, the Maharashtra Cabinet approved the handing over of an additional 1,150 hectares for the SEZ. The government has previously allocated 450 hectares. The SEZ is proposed to be spread over 2,140 hectares.
“It’s not yet clear as to when the remaining 540 hectares would be made available. The issue has only been partially settled now,” an official told ET.
RIL has proposed to develop this multi-product SEZ jointly with CIDCO. RIL has 74% equity in the SEZ, while CIDCO, which has been made the nodal agency, has 26% equity in the form of land. Availability of land had become a problem after the Union government’s SEZ Act came into force.
The act stipulates more than 1,000 hectares for a multi-product SEZ, and the Navi Mumbai SEZ has only been allocated 450 hectares. The Act made it mandatory on the state government to make more land available for the SEZ proposed to be developed in Dronagiri, Ulwe, and Kalamboli nodes in Navi Mumbai.
ADVERTISEMENT
The government, hence, made CIDCO, which owns large swathes of land in Navi Mumbai, a partner with 26% equity in the form of land. The SEZ has to be developed over a maximum period of six years and 85% of the land is to be used for industrial purposes and 15% for residential use. The SEZ developer also has to make arrangements for dedicated power supply.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
