Reliance Industries Limited (RIL) has recently informed exchanges the company acquired a 74% equity stake in Navi Mumbai IIA Private Limited (NMIIA) for ₹1628.03 crore at ₹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% equity stake.
About NMIIA
Founded on June 15, 2004, NMIIA specializes in developing integrated industrial areas in Maharashtra. Recognized as a “Special Planning Authority” under the Maharashtra Regional and Town Planning Act, 1966, NMIIA has achieved turnovers of ₹34.89 crore (FY24), ₹32.89 crore (FY23), and ₹34.74 crore (FY22).
Key Details of the Transaction
- Stake Acquired: 57,12,39,588 equity shares (74%)
- Transaction Value: ₹1628.03 crore
- Price Per Share: ₹28.50
- Regulatory Approvals: No further approvals required, except CIDCO’s waiver of its first refusal rights.
- Non-Related Party Transaction: No involvement of RIL’s promoters or group companies
