India, Sept. 16 -- The Nagpur Metropolitan Region Development Authority (NMRDA) has initiated the process of acquiring around 1,710 acres of land on the outskirts of Nagpur to establish the International Business and Finance Centre (IBFC) under the New Nagpur project. The IBFC project will be developed on the lines of the Bandra Kurla Complex (BKC) in Mumbai and GIFT City in Gujarat.

The IBFC project, estimated to cost Rs.3,000 crore, is part of the Maharashtra government's larger plan to establish an IBFC at Godhani Ladgaon (Rithi) in Hingna, near Nagpur.

Earlier this month, the state government allocated Rs.6,500 crore for the New Nagpur project, of which about Rs.3,500 crore will be spent on land acquisition for the IBFC.

The IBFC p...