Reliance Industries’ subsidiaries register sub-lease deeds for 3,750 acres of land to develop Global Economic Hub

The sub-lease was registered for an aggregate consideration of ₹13,400 crore from Navi Mumbai IIA, in which CIDCO has a 26% stake. The latest development comes after Reliance Industries signed a memorandum of understanding (MoU) with the government of Maharashtra for the development of a global economic hub in February 2018.

According to the Maharashtra Industrial Policy, 2013, the sub-leased land has to be used for the development of an industrial area.

In the past, Reliance Industries has developed large integrated industrial complexes at Hazira, Jamnagar, and Dahej. The company has developed an integrated smart city in the Jhajjar district of Haryana and a convention centre and modern office space at Bandra-Kurla Complex, Mumbai.

Reliance Industries recently announced that Nel ASA’s fully-owned subsidiary, Nel Hydrogen Electrolyser AS, has signed a technology licensing agreement with the firm. Under the agreement, Reliance has an exclusive license for Nel’s alkaline electrolysers in India. Additionally, the company can also manufacture Nel’s alkaline electrolysers for captive purposes globally.

According to the agreement, Nel can procure equipment from Reliance for its projects. Nel can also operate in the Indian market with technology platforms that are not covered under the agreement.

Last month, Reliance Industries announced it acquired a 100% equity stake in Reliance Chemicals and Materials (RCML) from Reliance Projects & Property Management Services. Through this transaction, RCML becomes a wholly-owned subsidiary of the company. The equity stake was purchased for a consideration of ₹314.48 crore.

Shares of Reliance Industries have risen by nearly 10% since the beginning of the year. The stock has gained over 14% in the last one year.