Reliance Realty Ltd, a wholly-owned subsidiary of cash- strapped Reliance Communications (RCom), has received Maharashtra government’s approval to develop its 132-acre Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai into a Smart Fintech Centre. The company, controlled by billionaire Anil Ambani, got final approvals from the Department of Information Technology, Government of Maharashtra, and the Maharashtra Industrial Development Corporation (MIDC). The company looks to meet the growing demand for fintech, banking, financial services, insurance, Non-Banking Financial Companies, IT & ITES and Knowledge sectors over a 20-year period. Reliance Realty has already started major infrastructure development initiative in this regard. According to sources, RCom Chairman Anil Ambani conveyed the shareholders that company will exit telecom business entirely and will make a push into realty sector with the development of DAKC, with a project value of over Rs 25,000 crore.