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Billionaire Mukesh Ambani's Reliance Industries wholly-owned subsidiaries have completed the registration of a sub-lease deed for 3,750 acres of land in Navi Mumbai to develop a global economic hub.

 

The company said that it has completed the registration of sub-lease deeds for about 3,750 acres of land along with the associated development rights for a period of 43 years for an aggregate consideration of Rs 13,400 crore from Navi Mumbai IIA Private Limited, in which CIDCO holds 26%.

 

CIDCO, the City and Industrial Development Corporation, is a state-run town planning agency for Navi Mumbai.

 

The sub-leased land will be used to create an integrated industrial area under the Maharashtra Industrial Policy, 2013, which allows Special Economic Zones (SEZs) to transition to integrated industrial areas suitable for industrial units.

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