signed an MoU with NMSEZ to sub-lease land of about 4,000 acres along with the associated development rights by making an initial payment of Rs2,180cr, the company informed after markets hours to the exchanges on Thursday.
The transaction is subject to fulfillment of certain conditions, the company added.
NMSEZ, as part of a tender process, was allotted this land in 2006 to develop the world-class SEZ. NMSEZ is owned 26% by CIDCO and 74% by other investors. The promoter group of RIL has an indirect interest in NMSEZ, the company said.
Reliance Industries Ltd's share price ended at Rs1,269.85, up by Rs6.3 or 0.5%, from its previous close of Rs1,263.55 on the BSE.
The scrip opened at Rs1,262.70 and touched a high and low of Rs1,279 and Rs1,258.90, respectively. A total of, 88,88,452 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs8,04,919.04cr.