THANE, December 5: With Navi Mumbai (South) set to become a 'Smart City', an MoU was signed between Navi Mumbai Municipal Corporation (NMMC) and European Business and Technology Centre (EBTC). The MoU was signed last evening at the launch of the Navi Mumbai (South) Smart City, developed by the state-owned planning body CIDCO with an investment of around Rs 53,000 crore, by Chief Minister Devendra Fadnavis at Vashi. Through the MoU, NMMC has mandated EBTC as the 'Handholding Agency' for the project. "NMMC believes that Europe has significant strengths in the areas of sustainable Smart City solutions, combining city needs with business capabilities, an interesting body of knowhow which Navi Mumbai would like to explore in a mutually beneficial collaborative relationship for its makeover," NMMC Commissioner Dinesh Waghmare was quoted as saying in an official release. EBTC Director Poul V Jensen on the occasion introduced EU India Smart Cities Knowledge and Innovation Program which will provide a practical platform of support for the project in the areas of capacity building, access to EU policies and frameworks and introduction to EU funding agencies.