The Maharashtra government-owned Cidco has cleared the industrial city project in Navi Mumbai to be jointly developed by Mukesh Ambani’s personal entities, Jai Corp, Cidco and SKIL Infrastructure.
The 5,300-acre project, according to a Business Standard report, was earlier earmarked for a Special Economic Zone but failed to start due to a policy flip flop.
The report said the project will now go to the State Cabinet for final clearance as the end use of the land is being changed from SEZ to an industrial city. Jai Corp and Ambani’s personal entities hold 48 per cent stake in the project. Cidco and SKIL Infrastructure hold 26 per cent stake each in the project, which was stalled for the past 14 years.
Quoting a source close to the development, the report added: “With the JNPT port nearby and the new international airport coming up, the industrial city can cater to both local as well as export-oriented units.”
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