Reliance Industries Limited (RIL), through its subsidiaries, has successfully secured sub-lease deeds for 3,750 acres of land in Maharashtra, marking a significant step in its ambitious industrial expansion plans.
This substantial land acquisition, amounting to Rs 13,400 crore, includes development rights for a period of 43 years and involves a partnership with the City and Industrial Development Corporation of Maharashtra (CIDCO), which holds a 26% stake in Navi Mumbai IIA. The sub-leased land is set to be developed into an integrated industrial area, aligning with the Maharashtra Industrial Policy of 2013. This development forms a critical part of RIL’s broader vision to create a global economic hub in collaboration with the state government. The memorandum of understanding (MoU) for this initiative was signed in February 2018, aiming to establish a world-class integrated digital and services industrial area through global partnerships and advanced infrastructural development.
Reliance Industries’ strategic land acquisition is a testament to its commitment to diversifying and expanding its industrial footprint. This new project in Maharashtra is expected to enhance the state’s economic landscape by fostering industrial growth and attracting global investments. The development will leverage RIL’s extensive experience in establishing integrated industrial complexes, drawing from its successful ventures in Hazira, Jamnagar, and Dahej. In addition to its industrial endeavours, RIL has made significant strides in urban development. The company’s portfolio includes the development of a smart city in Jhajjar district, Haryana, and the construction of a state-of-the-art convention centre and modern office spaces in Mumbai’s Bandra-Kurla Complex. These projects highlight RIL’s dedication to creating sustainable and technologically advanced urban environments.
The planned industrial area in Maharashtra will benefit from RIL’s expertise in digital and industrial integration, promoting innovation and efficiency. The project is poised to play a pivotal role in the state’s industrial sector, providing a boost to the local economy and creating job opportunities. Moreover, it aligns with the government’s vision of transforming Maharashtra into a leading industrial and economic hub. As RIL continues to forge ahead with its industrial and urban development projects, this latest land acquisition underscores its strategic approach to growth and diversification. By investing in large-scale infrastructural projects and fostering global partnerships, Reliance Industries is set to drive significant advancements in India’s industrial landscape, reinforcing its position as a leader in the industry. RIL’s acquisition of 3,750 acres of land in Maharashtra represents a major milestone in its expansion strategy. The development of an integrated industrial area in accordance with the Maharashtra Industrial Policy of 2013 is expected to yield substantial economic benefits, further solidifying RIL’s role as a key player in India’s industrial and urban development sectors.
