The Maharashtra State Cabinet on Tuesday decided to give clearance for converting 2,140 hectares of land controlled by Navi Mumbai SEZ Pvt Ltd into an Integrated Industrial Area (IIA).
Navi Mumbai SEZ Pvt Ltd is promoted by Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani and his associate Anand Jain.
Under the 2013, Industrial Policy of Maharashtra, the SEZ could be developed under which 60 per cent of the land will have to be used for industrial use and rest for residential purposes. But the State Cabinet gave its assent for converting the from SEZ to IIA, provided 85 per cent of the land will be used industrial purpose, while 15 per cent for housing. A committee under the Chief Secretary of Maharashtra would be formed, which will drawn up rules and regulations for the IIA.