Reliance Industries buys 74% stake in Navi Mumbai IIA for Rs 1,628.03 cr
Mumbai: Reliance Industries Limited (RIL) said Friday it has acquired a 74% equity stake in Navi Mumbai IIA Private Limited (NMIIA) for Rs 1,628.03 crore, media reports said.
The transaction, approved by RIL’s Board of Directors on December 11, 2024, was completed after the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) waived its rights of first refusal on December 12, 2024, reported The Economic Times.
According to a statement from RIL, the company acquired 57.12 crore equity shares of NMIIA at a price of Rs 28.50 per share.
Following the acquisition, NMIIA has become a subsidiary of RIL, with CIDCO retaining the remaining 26% equity stake.
Incorporated on June 15, 2004, NMIIA is focused on developing Integrated Industrial Areas (IIA) in Maharashtra and has been designated as a Special Planning Authority by the Government of Maharashtra under Section 40(1B) of the Maharashtra Regional and Town Planning Act, 1966.
The company reported a turnover of Rs 34.89 crore in FY 2023-24, Rs 32.89 crore in FY 2022-23, and Rs 34.74 crore in FY 2021-22.
“This investment is not a related-party transaction, and none of RIL’s promoters, promoter groups, or group companies are involved,” RIL stated. The company also confirmed that no additional governmental or regulatory approvals were required for the acquisition, aside from CIDCO’s consent.
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