The statue will come up in the Arabian Sea, one kilometre opposite the famed Marine Drive in south Mumbai with the Malabar Hill on the northern end and the business district of Nariman Point on the southern side.
While the seafront would offer an unhindered view of the statue, the complex in the sea would provide a spectacular view of the city as well.
To be managed and maintained by the state tourism department, the entire complex would have facilities for a multi-lingual sound-and-light show depicting Chhatrapati Shivaji's life, a museum, restaurants, a 200-seater theatre, a garden and public conveniences, according to the spokesperson.