The Maharashtra government has given its in-principle approval for a Rs.12,200 crore development project, known as the Golden Triangle Project, involving Mumbai, Pune and Nashik.

The project basically involves the clustering of Mumbai, Pune and Nashik and equipping the region with world-class infrastructure. The report states that the Golden Triangle, once fully developed, can attract fresh investment worth Rs.10,000 crore and can provide employment to over 6 lakh persons.

The project to come up in two phases would involve:

q        Phase I: Expansion of Mumbai-Nashik national highway to four lanes under public-private partnership, conversion of Jawaharlal Nehru Port into a deep-sea port, privatization of power circles within the Golden Triangle. (Total cost: Rs.1,150 crore)

q        Phase II: Development of international airport at Navi Mumbai, construction of Nhava-Shewa trans-harbour sea link and a dedicated Mumbai-Delhi rail corridor. (Total cost Rs.11,050 crore)

The report has also mentioned that project work on the ongoing Navi Mumbai Special Economic Zone be complemented with liberal labour laws and permitting captive power generation.

The Maharashtra Chief Minister has asked the Principal Secretary (Industries) to prepare a detailed report to initiate the project. The next meeting to discuss this report is likely to be held on 17 April 2003.