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• City and Industrial Development Corporation (CIDCO) and Africa India Economic Foundation (AIEF) have signed an agreement to establish a Special Purpose Vehicle (SPV) for the proposed Africa India International Development Zone in Navi Mumbai.
• The project will be developed on a 20-acre land parcel within the International Corporate Park at Kharghar and aims to strengthen India-Africa trade and investment engagement.
• Under the approved structure, AIEF will hold a 74% stake in the SPV, while CIDCO will retain the remaining 26%.
• The proposed development will include office spaces for 54 African nations, a convention centre, cultural retail facilities and diplomatic infrastructure linked to trade and business engagement.
• Maharashtra government officials stated that the project is expected to become operational within five to six years and will benefit from proximity to the upcoming Navi Mumbai International Airport and JNPA port.
City and Industrial Development Corporation (CIDCO) and Africa India Economic Foundation (AIEF) have signed an agreement to establish a Special Purpose Vehicle (SPV) for the development of the Africa India International Development Zone (AIIDZ) in Navi Mumbai, as Maharashtra seeks to strengthen trade and diplomatic engagement with African nations. Advertisement
The agreement was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Ministers Eknath Shinde and Ajit Pawar, according to an official CIDCO statement issued in the past week.
The proposed Africa India Business Centre (AIBC) will be developed on a 20-acre plot located within the International Corporate Park at Kharghar in Navi Mumbai. The project has been positioned as a platform to strengthen India-Africa economic ties, currently estimated at approximately USD 96 billion.
Under the approved shareholding structure, AIEF will hold a 74% stake in the SPV, while CIDCO will retain a 26% equity share.
According to the project proposal, the development will include a commercial tower housing offices representing 54 African nations, alongside convention and exhibition infrastructure intended to support trade, business and diplomatic engagement.
The project will also feature a convention centre with a seating capacity of up to 6,000 people, a cultural retail hub, an Africa-India Bio Dome and the Gandhi-Mandela Convention Centre aimed at promoting soft diplomacy and institutional collaboration.
CIDCO stated that the facility is expected to host events for more than 250 days annually and has been conceptualised along the lines of international convention and trade centres such as the Dubai World Trade Centre.
Chief Minister Devendra Fadnavis described the initiative as a major step towards creating a dedicated ecosystem for India-Africa trade and investment engagement. According to the state government, the project is expected to strengthen Maharashtra’s role in India’s broader economic and diplomatic outreach to the Global South.
Deputy Chief Minister Eknath Shinde stated that the strategic location of Kharghar, close to the upcoming Navi Mumbai International Airport and Jawaharlal Nehru Port Authority (JNPA), would support the development of international-standard business infrastructure.
Officials stated that the Africa India International Development Zone is expected to become operational within five to six years. The state government added that the project is also expected to support MSME participation, employment generation and institutional trade partnerships between India and African economies.
Source - PTI
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