Cidco and AIEF sign agreement to develop Africa-India Business Centre in Navi Mumbai

Navi Mumbai: CIDCO and the Africa India Economic Foundation (AIEF) signed and exchanged an agreement on Thursday at Mantralaya to enable the formation of an SPV (Special Purpose Vehicle) for creating Africa India International Development Zone (AIIDZ) and the proposed Africa India Business Centre (AIBC) in Navi Mumbai. The agreement was signed in the presence of chief minister Devendra Fadnavis.

CIDCO proposed the AIBC in Navi Mumbai as a landmark, integrated hub to strengthen economic, trade and cultural relations between India and African nations. Conceptualised in collaboration with AIEF, the project aimed to establish a dedicated platform for fostering bilateral trade, investment and institutional partnerships, aligning with India’s growing leadership in South-South cooperation. The India-Africa partnership was valued at approximately USD 96 billion.

“The AIBC is a transformative initiative that will position Maharashtra as a key global hub for India-Africa engagement. By creating a dedicated ecosystem for trade, investment and institutional collaboration, this project will strengthen our economic ties with African nations while opening new avenues for growth, employment and international partnerships. This initiative reflects our commitment to enhancing Maharashtra’s global standing and contributing to India’s expanding role in the Global South,” said Fadnavis.

“The AIBC represents a strategic initiative to redefine India-Africa engagement. By integrating markets with ideas, innovation, and human capital, AIBC will foster a vibrant ecosystem for mutual growth. As a gateway for the Global South, Maharashtra will, through AIBC, reinforce India’s position as a reliable partner in Africa’s development and advance a future shaped by partnership and opportunity,” said Vijay Singhal, vice chairman and managing director of CIDCO.

The govt of Maharashtra previously approved the concept and its implementation through an SPV model in which AIEF would be a 74% shareholder and CIDCO would hold a 26% share. CIDCO, in collaboration with AIEF, was setting up the AIIDZ at the International Corporate Park in Kharghar, which would facilitate the overall SPV structure and performance parameters for a successful trade centre.

The AIIDZ was expected to be fully operational in the next 5 to 6 years. Envisioned as a self-contained campus, the AIIDZ integrated facilities including a Commercial Tower, Conference Centre and Habitat Block to facilitate interaction and deal-making between African and Indian businesses, govts and stakeholders.

The centre included 250,000 sq ft of exhibition space, meeting rooms and permanent office spaces for 54 African countries and Indian public and private sectors, and aimed to emulate benchmarks such as the Dubai World Trade Centre and CAETE in China. A 20-acre land parcel at the International Corporate Park, Kharghar, was earmarked for the AIIDZ, near the Navi Mumbai International Airport and the JNPT port.

Key components included a central business tower, a convention and exhibition centre with a 5,000-6,000-capacity auditorium, hospitality and habitat block, a cultural and retail hub, and an Africa-India Bio Dome. The centre was expected to host events for over 250 days annually, with projected revenue of US$30m in year 6.

The project also referenced the Gandhi-Mandela Convention Centre and said it would foster cultural exchange, provide a permanent presence for African nations in India and advance soft diplomacy through business-led collaboration.