Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Reliance Realty to build fintech centre in Navi Mumbai
BackBack

Reliance Realty to build fintech centre in Navi Mumbai

Reliance Realty's Dhirubhai Ambani Knowledge City will have total saleable or leasable area of over 30 million square feet
  • Reliance Communications is under debt and, earlier said that its Board has decided on implementation of debt resolution plans 
  • Representative image. (Photo: Reuters)Premium
    Representative image. (Photo: Reuters)

    NEW DELHI : Reliance Realty, a subsidiary of Reliance Communications, plans to develop a Smart Fintech Centre in Navi Mumbai for which it has got the required approval, a company statement said Monday.

    "The Department of Information Technology, Government of Maharashtra and the Maharashtra Industrial Development Corporation (MIDC) granted approval to Reliance Realty for development of the Smart Fintech Centre at its Dhirubhai Ambani Knowledge City in Navi Mumbai, under the Government of Maharashtra's new Fintech Policy," Reliance Communications statement said.

    Reliance Realty's Dhirubhai Ambani Knowledge City, spread across over 132 acres, will have total saleable or leasable area of over 30 million square feet.

    Reliance Communications is reeling under debt of over 46,000 crore and, earlier this month, said that its Board has decided on implementation of debt resolution plans through NCLT (National Company Law Tribunal) framework.

    The Board had noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process was yet to make any headway.

    "Accordingly, the Board decided that the company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," RCom had said in a statement on February 1.

    *Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text.

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 11 Feb 2019, 05:32 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie