MUMBAI -- Indian conglomerate Reliance Industries will partner with major multinationals to develop a modern industrial campus, with outlays expected to reach 600 billion rupees ($9.34 billion) over the next decade.
Mukesh Ambani, Reliance chairman and managing director, revealed the plan Sunday at a global investor summit in Mumbai, several Indian newspapers reported. Ambani said Reliance has already secured joint investment agreements from 20 companies, including Siemens, Cisco Systems, Nvidia and Nokia.
Ambani did not state the exact location of the "digital industrial area," but it will be constructed in Maharashtra, the western Indian state that includes Mumbai. One possible host city is Pune, a college town and manufacturing hub.
Navi Mumbai, near Mumbai, is another candidate. Reliance has built a massive office complex there, and the city serves as the headquarters for Reliance Jio Infocomm, the company's mobile carrier arm. A new airport is also in the works for Navi Mumbai.
Maharashtra generates about 15% of India's gross domestic product, with its economy projected to grow 9.4% during the fiscal year ending in March. Many international corporations directly invest in the state, and the government is committing resources to draw more manufacturers. Virgin Group has just announced the development of a supersonic hyperloop connecting Mumbai and Pune.