Bankrupt RCom arm to build a fintech centre in Navi Mumbai

| | Mumbai
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Bankrupt RCom arm to build a fintech centre in Navi Mumbai

Tuesday, 12 February 2019 | PTI | Mumbai

Bankrupt Reliance Communications on Monday said it will develop a 132-acre land parcel on the outskirts of the city as a fintech centre. The 132-acre land parcel called Dhirubhai Ambani Knowledge City (DAKC) in the satellite city of Navi Mumbai used to serve as a corporate nerve centre for the company, which filed for insolvency earlier this month.

In the past, chairman Anil Ambani had claimed that the plot had a development potential of Rs 25,000 crore.

In a statement Monday, the company said its wholly-owned subsidiary Reliance Realty will be developing what it claimed as Maharashtra’s first ‘smart fintech centre’.

It has received the go-ahead from the Maharashtra Industrial Development Corporation and the Department of Information Technology to develop the land under the State’s fintech policy, the statement said.

As per the fintech policy, the plot will have total saleable/leasable area of over 30 million square feet, it said, claiming that the space available is double the size of the Bandra Kurla Complex business district in the island city.

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