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Navi Mumbai gets a business booster shot

The Gulf Finance House (GFH) and the Government of Maharashtra’s joint initiative in 2006 has just been served a further push.

business Updated: Mar 07, 2010 21:42 IST
HT Correspondent

The Gulf Finance House (GFH) and the Government of Maharashtra’s joint initiative in 2006 has just been served a further push.

GFH will develop a special economic development zone in Navi Mumbai that will be spread over 1,700 acres and attract investments in excess of Rs 45,500 crore.

Regarding the project, Maharashtra Chief Minister Ashok Chavan said, “This is a high value infrastructure project and one of India’s largest FDI–driven integrated development projects.”

The project, to be completed in five years, was first announced as Energy City India in October 2006 through a ‘working together agreement’ with the government of Maharashtra. At that point, 300 acres of land was earmarked for it.

Mumbai Metropolitan Region Development Authority will be the strategic partner giving shape to the entire project.

Named as Mega City, the economic development zone will constitute Energy City India, and three other components — Telecom City Mumbai, Software City Mumbai and Entertainment City Mumbai.

On completion, the project will be equipped to house approximately 1,40,000 residents and generate direct employment for over 2,50,000 people.

The Entertainment City will be spread over 480 acres and is being termed as a new concept equipped to give tourism a boost, said a spokesperson for GFH.