Mumbai: The government on Friday cleared a proposal by Mukesh Ambani’s Reliance Industries Ltd (RIL) to infuse fresh equity into the Navi Mumbai special economic zone (SEZ) by including co-developers into the project. The board of approval gave a green signal to the proposal “subject to their producing data on net assets of the co-developers,” commerce secretary G.K. Pillai said in New Delhi.
According to the plan, RIL will develop the basic infrastructure such as water, sanitation, power utilities and roads but will sell the development rights for the properties in the SEZ to other investors who will be brought in as co-developers.
Two Mumbai-based realtors, Niranjan Hiranandani group through its subsidiary Hirco Plc. and Akruti Nirman Ltd, and Pune-based Panchshil Realty are likely to be inducted as co-developers. RIL executives refused to name the co-developers, but confirmed that the company was planning to raise fresh equity for the project.
PTI contributed to this story.