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

Reliance Industries Limited (RIL) has recently informed exchanges the company acquired a 74 percent equity stake in Navi Mumbai IIA Private Limited (NMIIA) for Rs 1,628.03 crore at Rs 28.50 per share.  

The acquisition, completed on December 12, 2024, follows approval from the Board of Directors and consent from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), which retains a 26 percent equity stake. 

“The Company, pursuant to (i) the approval granted by the Board of Directors at its meeting held on December 11, 2024; (ii) and the consent from City and Industrial Development Corporation of Maharashtra Limited (CIDCO) (after waiving its rights of first refusal) dated December 12, 2024 (received at 8:30 p.m. on December 12, 2024), today acquired 57,12,39,588 equity shares representing 74% of Navi Mumbai IIA Private Limited (NMIIA) at a price of Rs. 28.50 per equity share aggregating Rs 1,628.03 crore. CIDCO holds the balance 26% equity shares in NMIIA,” the company said in its disclosure. 

With this acquisition, NMIIA has become subsidiary of the company, it added. 

Founded on June 15, 2004, NMIIA specialises in developing integrated industrial areas in Maharashtra. Recognised as a “Special Planning Authority” under the Maharashtra Regional and Town Planning Act, 1966, NMIIA has achieved turnovers of Rs 34.89 crore (FY24), Rs 32.89 crore (FY23), and Rs 34.74 crore (FY22).