Reliance Industries buys 74% stake in Navi Mumbai IIA for ₹1,628 crore

Mukesh Ambani-led Reliance Industries Limited (RIL) has acquired a 74% equity stake in Navi Mumbai IIA Private Limited (NMIIA) for ₹1,628.03 crore, it said in a stock exchange filing on Friday.

The oil-to-chemical conglomerate has acquired 57.12 crore equity shares representing 74% of Navi Mumbai IIA Private Limited (NMIIA) at Rs. 28.50 per equity share, aggregating ₹1628.03 crore ($192 million), it said in the filing on December 13 after market hours.

CIDCO holds the remaining 26% equity shares in NMIIA. With this acquisition, NMIIA has become subsidiary of the Company, the filing added.

Also Read: Reliance seeks up to $3 billion in biggest India loan since 2023

“NMIIA was incorporated on June 15, 2004 and is engaged in developing Integrated Industrial Area in Maharashtra (IIA). The turnover of NMIIA for the FY 2023-24, 2022-23 and 2021-22 was ₹34.89 crore, ₹32.89 crore and ₹34.74 crore respectively,” the filing mentioned. 

The investment is not a related party transaction and none of the company’s promoter, promoter group or group companies have any interest in the above transaction,  RIL said.

The company, with the Board's approval, and CIDCO's consent (waiving its first refusal rights), had acquired the majority stake in NMIIA and no other  governmental or regulatory approvals were required. 

Shares of RIL settled at ₹1273.35 of Friday, up 0.75% from the previous day's close, while benchmark Sensex settled at 843.16 points or 1.04% higher at 82,133.12.