Reliance Industries (RIL) on Tuesday said its wholly-owned subsidiaries have completed the registration of a sub-lease deed for 3,750 acres of land in Maharashtra, where it plans to develop a global economic hub.

The firm had in February 2018 signed a Memorandum of Understanding (MOU) with the Maharashtra government to develop the global economic hub consisting of world-class integrated digital and services industrial area with global partnerships.

“RIL’s wholly owned subsidiaries have completed the registration of sub-lease deeds for about 3,750 acres of land along with the associated development rights for a period of 43 years for an aggregate consideration of Rs 13,400 crore from Navi Mumbai IIA Private Limited, in which CIDCO holds 26 percent,” the statement on BSE said.

CIDCO is City and Industrial Development Corporation, a state-run town planning agency for Navi Mumbai.