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The question requires a match between the towns in or near Mumbai and their respective specialisations.
Option 1 is incorrect; Alibag is known as a holiday resort rather than a fishing centre and Nhava Sheva is a port, not a holiday resort.
Option 3 is also not right; Alibag doesn`t have a petro-chemical complex and Nhava Sheva is not a holiday resort.
Option 4 is partly correct but it incorrectly identifies Ratnagiri as a petro-chemical complex, instead, it`s known for fishing.
The correct answer is option 2; I-B shows that Alibag is a holiday resort, II-C denotes Balapur as the petro-chemical complex, III-D identifies Nhava Sheva as a port, and IV-A reveals Ratnagiri as a fishing center. Each of these towns is correctly linked with their specializations in option 2.