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