Mukesh Ambani to Embark his Journey in Real Estate

On the advent of Jio, Mukesh Ambani turned the tables of the telecommunication sector and is now set to embark his journey in real estate.

Reliance Industries will be setting up a mega city in Navi Mumbai and according to Business Standard, Ambani's megacity will be developed on the lines of Singapore. It will have airport, port and sea link connectivity. Once completed, the city will accommodate over half a million inhabitants and thousands of businesses. It will be as promising as Jio and is expected to draw $75 billion in investments over the next ten years.

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Notably, the founder of Reliance, Dhirubhai Ambani had first come up with a plan of setting up a mega city in Navi Mumbai.

However, in March, Reliance had announced about leasing of 4,000 acres of land from Navi Mumbai Special Economic Zone (NMSEZ) with an initial payment of ₹2,180 crore for the development of the land into an economic hub.

NMSEZ is promoted by Mukesh Ambani, Jai Corp India, SKIL Infrastructure Ltd and City and Industrial Development Corp (CIDCO). According to a PTI story, CIDCO holds 26 per cent stake in NMSEZ, while the rest is held by Ambani.

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