Mukesh Ambani-led Reliance Industries Limited (RIL) has acquired a 74% equity stake in Navi Mumbai IIA Private Limited for Rs 1628 crore. The NMIIA works for the development of Maharashtra Integrated Industrial Area.
The acquisition was done after the board of directors of Reliance Industries Limited gave their consent and an approval was received from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO). Now, NMIIA has become a subsidiary company of RIL.
Reliance has purchased 57,12,39,588 shares at ₹28.50 per share, while CIDCO holds 26% of the shares in NMIIA. The Maharashtra government has appointed NMIIA as a ‘special planning authority.’ NMIIA is involved in developing an integrated industrial area in the state.
The company informed in an exchange filing that a meeting of board of directors of RIL took place on December 11, 2024 and an approval was received on December 12 from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO).
The company said it purchased NMIIA 57,12,39,588 equity shares which is equivalent to 74% stake. The company bought each share at the price of 28.50 and it acquired the company for Rs 1628,03,28,258.
NMIIA’s turnover was ₹34.89 crore in FY 2023-24, compared to ₹32.89 crore in FY 2022-23 and ₹34.74 crore in FY 2021-22.
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