Reliance Industries Limited (RIL) through a wholly owned subsidiary has entered into an MOU with NMSEZ to sub-lease land of about 4000 acres along with the associated development rights by making an initial payment of Rs.2180 crores subject to fulfilment of certain conditions.

NMSEZ, as part of a tender process, was allotted this land in 2006 to develop a world-class SEZ.

NMSEZ is owned 26% by CIDCO and 74% by other investors. The promoter group of RIL has an indirect interest in NMSEZ.

The Government of Maharashtra, in terms of Maharashtra Industrial Policy 2013 permitted the SEZs in the state to migrate to Integrated Industrial Area and make available the land for industrial units.

RIL entered into a Memorandum of Understanding with the government of Maharashtra to develop a Global Economic Hub consisting of world-class integrated digital and services industrial area with global partnerships.

NMSEZ applied and received the consent to convert the SEZ into the Integrated Industrial Area (IIA) as per the GOM Industrial Policy. This will be India’s first ever Integrated Industrial Area for the Fourth Industrial Revolution in Maharashtra.