Mukesh Ambani-promoted Navi Mumbai SEZ gets some relief

Mukesh Ambani

The state cabinet has paved the way for converting the Mukesh Ambani-promoted Navi Mumbai Special Economic Zone (NMSEZ) into an integrated industrial area (IIA). It has asked the Chief Secretary to form a panel to decide operational aspects, including a penalty that promoters need to pay the government. The governing body and one of the promoters for the Navi Mumbai SEZ, the City Industrial Development Corporation (CIDCO), had forwarded a proposal for conversion before the Cabinet which agreed in principle to start the process, but decided to give the final nod after considering the CS's report.

One of the SEZ promoters is Reliance Industries chairman Mukesh Ambani, who has invested in his personal capacity in the project, which was stuck for many years due to glitches. When most SEZs failed, the previous government had come up with an exit policy for them. However, since the Navi Mumbai SEZ was decided on different conditions, its promoters will be allowed only 15% of land for commercial use. The rest of the 85% land will have to be used for industrial purpose.

Catch up on all the latest Mumbai, National and International news here

Download the new mid-day Android and iOS apps to get updates on all the latest and trending stories on the go