Work starts on Rs 45,500-cr Panvel biz hub | mumbai | Hindustan Times
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Work starts on Rs 45,500-cr Panvel biz hub

Moving to Navi Mumbai just got more appealing. On Sunday, work kickstarted at the Rs 45,500-crore economic development zone near Panvel.

mumbai Updated: Mar 08, 2010 01:40 IST
HT Correspondent

Moving to Navi Mumbai just got more appealing. On Sunday, work kickstarted at the Rs 45,500-crore economic development zone near Panvel.

Touted as India’s largest foreign direct investment-driven development scheme, the 1,700- acre zone is funded by Bahrain’s Gulf Finance House and expected to create more than 10 lakh jobs (direct and indirect).

One of the few projects in the state that has been heartily welcomed by locals, the zone will house a business hub, an information technology, shopping complexes and amusement park. It will also offer housing for more than 1.4 lakh people.

The firm plans to complete infrastructure and development work in the next 30 months.

Chief minister Ashok Chavan and GFH chairman Esam Janahi performed the ground-breaking ceremony. “I’m happy the company which signed the MoU in 2007 is starting work within three years,” said Chavan.