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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 News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.