Reliance acquires 74% stake in Navi Mumbai IIA for Rs1,628 crore

Reliance Industries Ltd (RIL) has completed the acquisition of 74 per cent equity stake in Navi Mumbai IIA Private Ltd (NMIIA), in a deal valued at Rs1,628 crore.

The acquisition, which was completed on 13 December 2024, involved the purchase of 57,12,39,588 equity shares of NMIIA at a price of Rs28.50 per share. 

This transaction has received approval from the board of directors of NMIIA as also the consent from the City and Industrial Development Corporation of Maharashtra Ltd (Cidco).

Cidco retains the remaining 26 per cent stake in the company. 

With this acquisition, NMIIA has become a subsidiary of Reliance Industries.

Incorporated on 15 June 2004 as a private company, Navi Mumbai IIA Private Limited (NMIIA) is engaged in developing an integrated industrial area (IIA) in Maharashtra.

The company is involved in civil construction or building of complete infrastructure or parts thereof.

NMIIA has been appointed as a 'special planning authority' by the government of Maharashtra for the development of the Navi Mumbai industrial area under the Maharashtra Regional and Town Planning Act.

NMIIA reported turnover of Rs34.74 crore, Rs32.89 crore, and Rs34.89 crore, respectively, for the financial years 2021-22, 2022-23, and 2023-24.