In 2002, Government of India (GoI) accorded approval to the proposal of City & Industrial Development Corporation of Maharashtra Limited (CIDCO) to set up a Special Economic Zone in Navi Mumbai. Government of Maharashtra (GoM) directed CIDCO to implement the Navi Mumbai SEZ project through a Joint Venture and that the r Strategic Partner be selected through a competitive bidding process. CIDCO through a global bidding process selected the Strategic Partner , who formed a company named Dronagiri Infrastructure Private Limited (DIPL) under the Companies Act, 1956.
Since then DIPL & CIDCO together have formed a Special Purpose Company in the year 2004 named Navi Mumbai SEZ Private Limited (NMSEZ) (formerly known as Navi Mumbai SEZ Development Company Private Limited) with DIPL holding 74% and CIDCO holding 26% stake in NMSEZ. NMSEZ has the right to plan, design, construct, market, operate & maintain, administer & manage the SEZ, which is being set up over 2140 ha in Navi Mumbai.
NMSEZ has been appointed as the Special Planning Authority for the notified areas of Dronagiri, Kalamboli, Ulwe (Waterfront) and Ulwe (Airport) Nodes of Navi Mumbai, under the provisions of Maharashtra Regional and Town Planning Act, 1966.
For SEZ Legislation and other related regulations in India, please visit following websites