Reliance Industries acquires 74% stake in Navi Mumbai IIA Private for ₹1,628 crore

Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) on Friday (December 13) said it has acquired a 74% equity stake in Navi Mumbai IIA Private Ltd (NMIIA) for ₹1,628.03 crore, following approval from its board of directors and consent from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO).

The acquisition, which was completed on December 13, 2024, involves the purchase of 57,12,39,588 equity shares of NMIIA at a price of ₹28.50 per share. CIDCO retains the remaining 26% stake in the company. With this acquisition, NMIIA has become a subsidiary of Reliance Industries.

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NMIIA, incorporated in 2004, is engaged in developing an integrated industrial area (IIA) in Maharashtra. The company has been appointed as a ‘special planning authority’ by the government of Maharashtra for the development of this industrial area under the Maharashtra Regional and Town Planning Act, of 1966.

For the financial years 2021-22, 2022-23, and 2023-24, NMIIA reported a turnover of ₹34.74 crore, ₹32.89 crore, and ₹34.89 crore, respectively. The transaction is not a related party deal, and no promoter group interests are involved.

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“NMIIA was incorporated on June 15, 2004, and is engaged in developing an Integrated Industrial Area in Maharashtra (IIA). The turnover of NMIIA for the FY 2023-24, 2022-23 and 2021-22 was ₹34.89 crore, ₹32.89 crore and ₹34.74 crore respectively,” RIL said.

Shares of Reliance Industries Ltd ended at ₹1,273.35, up by ₹9.50, or 0.75%, on the BSE.

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