CIDCO was founded in 1970 by the Maharashtra State Government for the express purpose of planning and implementing the New Bombay project. It is wholly owned by the state government. Originally a subsidiary of the state-owned State Industrial Investment Corporation of Maharashtra Limited (SICOM), it was later made independent and given administrative powers over the New Bombay region. Since its work has to be coordinated with the independent BMC, a regulatory body, the MMRDA was set up as an apex body.