Maharashtra clears Rs 14,000-cr project of bankrupt RCom arm

Shiv Kumar
Tribune News Service
Mumbai, February 11

Reliance Realty, a subsidiary of Anil Ambani's RCom which has filed for bankruptcy, has obtained 'final clearance' from the Maharashtra government to set up a 30-million sq ft smart fintech hub at Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai.

According to the company, it plans to develop Maharashtra's first smart fintech centre where banking, financial services, insurance, NBFCs and IT service companies would set up offices.

The DAKC will be double the area of Mumbai's Bandra-Kurla Complex which is owned by the Mumbai Metropolitan Region Development Authority.

According to analysts who study the real estate sector, the fintech centre would be valued at around Rs 14,000 crore. 

Industrialist Anil Ambani, who controls the group, had earlier projected that the value of DAKC would be worth Rs 25,000 crore when fully developed.

Permission for Reliance Realty came just days after the Maharashtra government came with a policy for fintech centres which would have an FSI of four. In other words, these centres would be permitted to build four times the land area on which they stand.

The company said RCom's bankruptcy proceedings would have no impact on the plans to develop the fintech city.

According to analysts, the company may tie-up with some big developers to construct the fintech centre.