A long stalled industrial city project in Navi Mumbai was cleared by CIDCO on Friday. This project is set to be jointly constructed by Mukesh Ambani’s personal entities, Jai Corp, SKIL Infrastructure and CIDCO. Earlier, a project worth Rs 5,300-acre was allocated for developing a Special Economic Zone (SEZ), but could not be kick off due to policy changes.
Now with the change in end use of the land has gone to an industrial city from SEZ, the project has land in State Cabinet’s kitty for final clearance. Ambani and Jai Corp’s personal entities have 48 percent, while CIDCO and SKIL Infrastructure have 26 percent each in the project, that was long awaiting to be operational for 14 long years. A source close to the department stated that, “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.” 4,200-acres out of the 5,300-acres is already in possession of the three-way venture company.
Ambani will lead the setting up of infrastructure for the industrial city in Navi Mumbai. Ambani, who has good project implementation skills, will be taking the lead in setting up the infrastructure for the industrial city. However, this is not Ambani’s first investment in his personal capacity. In fact, the port and power projects in Jamnagar and East-West gas pipeline are his personal investments too.
Moreover, Jai Corp and Ambani had also decided to develop another SEZ, Mahamumbai, in Raigarh district. Though, the project could not be started due to firm resistance from the residents, who showed their displeasure against the state government acquiring the land. Land acquisition was done for the Project in Pen, Uran and Panvel, but was abandoned afterwards.