Reliance Industries acquires 74% stake in Navi Mumbai IIA for Rs 1,628 crore
Reliance Industries Limited (RIL) on Friday announced the acquisition of a 74% equity stake in Navi Mumbai IIA Private Limited (NMIIA) for Rs 1,628.03 crore.
The deal, approved by RIL's Board of Directors on December 11, 2024, was completed following consent from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), which waived its rights of first refusal on December 12, 2024.
As part of the transaction, RIL acquired 57.12 crore equity shares of NMIIA at Rs 28.50 per share, the company stated in a release on the exchanges.
CIDCO retains the remaining 26% equity stake in NMIIA, which has now become a subsidiary of Reliance Industries.
NMIIA was incorporated on June 15, 2004 and is engaged in the development of Integrated Industrial Areas (IIA) in Maharashtra. It has been appointed as a Special Planning Authority by the Government of Maharashtra under Section 40(1B) of the Maharashtra Regional and Town Planning Act, 1966, for developing the IIA.
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