Business & Finance

Mukesh Ambani plans new venture

The Mukesh Ambani led Reliance Industries has many enviable achievements executed on an unprecedented scale; among them are the world’s largest oil refinery in Jamnagar, and more recently, his new telecom venture Jio, the scale at which it was executed and implemented took the entire industry by storm.

However, a new project is expected to dwarf his prior ventures in terms of size and scale and set a benchmark for any industrialist, in India and world over.

Reliance Group, in partnership with City Development Authority of Navi Mumbai (CIDCO), Jai Corp (promoted by his close confidant Anand Jain) and Nikhil Gandhi promoted SKIL Infrastructure has received approval to set up and run a Mega City on the outskirts of Mumbai in Navi Mumbai, and is expected to attract investments of a whopping $ 75 Billion (roughly ₹ 5,25,000 crore) over the next ten years.

On March 7th of this year, RIL entered into an agreement with an entity named Navi Mumbai Special Economic Zone, which already owns 4,300 acres of prime land with connectivity to Jawaharlal Nehru Port and the new international airport currently under construction in the Navi Mumbai vicinity.

RIL has made an initial payment of ₹ 2,180 crore to sub-lease land along with development rights and has also managed to obtain approval as a special planning authority; which will not only allow it to develop, but also run the city administration of its ambitious mega city project. This will drastically cut down red tape, bureaucracy, transaction time and the cost of the project and would enable it to provide seamless services once it is ready.

Ambani’s megacity is pegged to be developed on the lines of Singapore. It will have airport, port and sea link connectivity, and, once completed, will accommodate over half a million inhabitants and thousands of businesses. The project could provide an alternative for people living in Mumbai with sky high real estate prices and sub standard infrastructure and is said to write a new chapter in urban infrastructure, being developed by a private sector player for the first time and would provide an opportunity for Ambani to create a legacy for himself.

 

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.

Related posts