Reliance Industries picks up 74% stake in Navi Mumbai IIA

16 Dec 2024 , 09:11 AM

On Friday (December 13), billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) announced the acquisition of a 74% equity stake in Navi Mumbai IIA Private Ltd (NMIIA) for ₹1,628.03 Crore. The acquisition was approved by RIL’s board of directors and CIDCO.

On December 13, 2024, 57,12,39,588 equity shares of NMIIA were purchased at ₹28.50 per share, completing the transaction. CIDCO holds the remaining 26% share in the company. With the completion of the said acquisition, NMIIA has become a subsidiary of Reliance Industries.

NMIIA, founded in 2004, is constructing an integrated industrial area (IIA) in Maharashtra. The government of Maharashtra has appointed the corporation as a’special planning authority’ for the development of this industrial region under the Maharashtra Regional and Town Planning Act, 1966.

NMIIA was founded on June 15, 2004, and is working to build an Integrated Industrial Area in Maharashtra. Reliance said that the turnover of NMIIA in FY 2023-24, 2022-23, and 2021-22 was ₹34.89 Crore, ₹32.89 Crore, and ₹34.74 Crore, respectively, said RIL.

The transaction is not related party, and there are no promoter group interests involved, said Reliance Industries.

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