Nath, Mukesh Ambani hold closed-door parleys

Mumbai, May 29 | Updated: May 30 2007, 05:30am hrs
Against the backdrop of ongoing controversy over the Navi Mumbai SEZ, the Reliance Industries CMD Mukesh Ambani held a closed door meeting with commerce minister Kamal Nath here on Tuesday.

Nath was in Mumbai to attend the third GCC-India investment conference. Ambani's meeting is crucial as the board of approval (BoA) at its last meeting deferred its approval for the RIL's Navi Mumbai SEZ . Organisers of the summit have confirmed the meeting between the duo. The BoA is expected to take up the Navi Mumbai SEZ issue at its meeting slated for May 31.

The proposal to convert in-principle approval to formal approval was deferred by BoA because the official of the revenue and financial department had raising the issue of contiguity, sought more time to study the proposal.

Moreover, proposal to develop the SEZ by appointing six or seven special purpose vehicles (SPVs) by RIL also did not find favour with the officials of the revenue and finance departments.

As far as the state-run City and Industrial Development Corporation is concerned, which is the joint venture partner with RIL has already handed over possession of 1,600 hectares of land to the company.

It must be mentioned here that the RIL's MahaMumbai SEZ, which is planned over 10,000 hectares of land in the coastal Raigad district, has yet to resolve the issues over acquisition of land.