Jai Corp plans to sell part of stake in Navi Mumbai SEZ: Report

23 May 2013

Jai Corp is reportedly planning to sell a part of its stake in the Navi Mumbai Special Economic Zone (SEZ). With this initiative, the company aims to raise funds as investors of its real estate funds are increasingly demanding returns. Jai Corp and Reliance Industries’ chairman Ambani own close to 74% stake in the SEZ and rest are owned by City and Industrial Development Corp of Maharashtra, a state government body.

The entity was not able to get SEZ benefits for the project as the Navi Mumbai project was a non-starter like many SEZs in India, due to the government's dallying over the SEZ policy and land acquisition. The project has about 5,250 acres, of which the SEZ has possession of 4,125 acres. Extensive agitation against the projects by locals led the company to abandon acquisition of land altogether.

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