RIL SEZs to add Rs 50,000 cr to exports

A day after inking the deal for the biggest special economic zone in the country in Haryana, Reliance Industries Ltd said its two other proposed SEZs in Mumbai would contribute Rs 50,000 crore (Rs 500 billion) to the country's exports once they are operational.

The SEZs, to be set up with an initial investment of Rs 25,000 crore (Rs 250 billion), will see further funds being pumped in to the Rs 2,50,000 crore (Rs 2500 billion) over the next decade and create employment opportunities for 2500,000 people, RIL said in Mumbai on Tuesday.

"The SEZs known as Navi Mumbai SEZ and MahaMumbai SEZ will earn a capital investment to the tune of Rs 25,000 crore, which as per primary expectations is likely to touch a total investments of Rs 2,50,000 crore over a decade," RIL said.

The SEZs will need about 1,600 MW power for their energy needs.

"The Mumbai SEZs will attract direct investments in industries, services and supporting social infrastructure sector," it said.

The SEZs in Haryana and Mumbai mark a foray by the country's top petrochemicals firm into the infrastructure space.

RIL on Monday inked a pact with Haryana for setting up an over Rs 25,000-crore (Rs 250 billion) multi-product SEZ.

"The  Haryana government has gone ahead with the signing of the SEZ with Reliance Group despite political opposition.
The step is crucial and deserves to be emulated by Maharashtra for a variety of reasons."

The NMSEZ will be developed in joint venture with Cidco, a state-run City and Industrial Development Corporation. Cidco already has 2,140 hectares of land in its possession and its transfer to the developer has started.

About 450 hectares has been handed over following the financial closure. The process to hand over another 1,200 hectares of land has been activated, it said.

MMSEZ will be set up over an area of 10,000 hectares in Panvel, Uran and Pen talukas of Raigad district. The Maharashtra government will envisage the land acquisition process and presently the proposals in this regard are ready.

MMSEZ will be developed by the Mumbai Integrated SEZ Limited. The SEZs will follow global standard norms for development and are scheduled to include complete civic infrastructure, business centers, residential colonies, academic institutions, hospital, sports and recreation centers.

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