Mukesh Ambani paying massive Rs 13400 crore lease for land near Mumbai, planning to use it for…

Mukesh Ambani paying massive Rs 13400 crore lease for land near Mumbai, planning to use it for…

Mukesh Ambani's Reliance Industries started the sub-lease of the land from Navi Mumbai in 2019 and it made an initial payment of Rs 2180 crore.

Mukesh Ambani, one of the richest men in India with a massive net worth of Rs 920508 crore, is planning to build a global economic hub in Navi Mumbai. For those who are unaware, Mukesh Ambani is the chairperson of Reliance Industries which is the most valuable company in India with a market cap of over Rs 1897000 crore. Mukesh Ambani led Reliance Industries is involved in a wide range of business and it has now reportedly leased a massive land in Navi Mumbai for Rs 13400 crore. According to a report by The Hindu Business Line, Reliance Industries has secured sub-leases on about 3,750 acres of land for a period of 43 years.

The report further suggests that the Rs 13400 crore lease follows a memorandum of understanding that the company signed with Maharashtra government back in 2018. As per the exchange filing, Reliance Industries have registered the sub-lease deeds for the land along with the development rights from Navi Mumbai IIA Pvt Ltd (formerly called Navi Mumbai SEZ).

Reliance Industries is all set to build a global economic hub in Navi Mumbai, where it has secured sub-leases on about 3,750 acres of land for ₹13,400 crore.

Reliance Industries said that the land will be used for the development of an integrated industrial area with global partnerships. To recall, Mukesh Ambani’s Reliance has already developed large integrated industrial complexes at Jamnagar, Hazira, Dahej and more. It has also built an integrated smart city in Jhajjar and a state-of-the-art convention centre in Mumbai’s Bandra-Kurla Complex.

According to the report, Reliance Industries started the sub-lease of the land from Navi Mumbai in 2019 and it made an initial payment of Rs 2180 crore.