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Reliance Industries (RIL) chairman Mukesh Ambani and Anand Jain, co-promoters of Navi Mumbai Special Economic Zone (NMSEZ) is planning to denotify the 2,140-hectares SEZ land and develop the same as an IT park and an integrated township which would include residential complexes, shopping malls, multiplexes, hotels, schools, colleges and hospitals, according to reports.
Reports said that this move came after the announcement of the new industrial policy of Maharashtra that allows developers of such SEZs to develop commercial and residential projects in 40% of the land.
With the new industrial policy, NMSEZ will be able to use 850 acres of prime land in Navi Mumbai's Ulwe, Dronagiri and Kalamboli node for commercial and residential development, report said.
India Infoline Research Team / 15:28, Mar 13, 2015
Markets are now reinforcing the perception of an early interest rate hike by US Federal Reserve, with consensus calling for the hike taking place in June, when compared with the prior expectations of a hike in September.