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Reliance Industries Limited (RIL) has recently informed that the company has acquired 74 percent stake in Navi Mumbai IIA Private Limited (NMIIA) for Rs 1,628.03 crore at Rs 28.50 per share.
The acquisition, which was completed on December 12, 2024, follows the approval of the Board of Directors and the approval from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), which holds a 26 percent stake.
“The Company, pursuant to (i) the approval given by the Board of Directors at its meeting held on December 11, 2024; (ii) by permission from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) (having waived its right of first refusal) dated December 12, 2024 (received at 8:30 pm on December 12, 2024), today acquired 57, Sections 12,39,588 representing 74% of Navi Mumbai IIA Private Limited (NMIIA) worth Rs. 28.50 per share aggregating Rs 1,628.03 crore. CIDCO has 26% stake in NMIIA,” the company said in a statement.
With this acquisition, NMIIA has been supportive of the company, it added.
Established on June 15, 2004, NMIIA is engaged in the development of integrated industrial zones in Maharashtra. Designated as a “Special Planning Authority” under the Maharashtra Regional and Town Planning Act, 1966, the NMIIA has earned Rs 34.89 crore (FY24), Rs 32.89 crore (FY23), and Rs 34.74 crore (FY22).
