Mukesh Ambani's Reliance Industries acquires majority stake of 74% in Navi Mumbai IIA for Rs...

Reliance Industries Limited (RIL) has announced its acquisition of a 74% equity stake in Navi Mumbai IIA Private Limited (NMIIA) for Rs 1,628.03 crore at a price of Rs 28.50 per share. The deal was completed on December 12, 2024, following approval from RIL’s Board of Directors and the consent of the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), which retains a 26% equity stake in NMIIA.

In its disclosure, RIL stated that the acquisition followed two key approvals: one from the Board of Directors at its meeting on December 11, 2024, and the second from CIDCO, which waived its right of first refusal and provided consent on December 12, 2024, at 8:30 p.m. The total transaction involved the acquisition of 57,12,39,588 equity shares of NMIIA, representing 74% of the company. With this acquisition, NMIIA has now become a subsidiary of Reliance Industries.

NMIIA, founded on June 15, 2004, is involved in the development of integrated industrial areas in Maharashtra. The company has been recognized as a “Special Planning Authority” under the Maharashtra Regional and Town Planning Act, 1966. Over the years, NMIIA has shown steady growth, achieving a turnover of Rs 34.89 crore in FY24, Rs 32.89 crore in FY23, and Rs 34.74 crore in FY22.

This acquisition reflects RIL's continued investment in the development of industrial infrastructure and its efforts to strengthen its presence in Maharashtra’s industrial growth.

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