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Reliance Industries Limited (RIL) recently informed the stock exchanges that the company acquired 74 per cent 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 the approval of the Board of Directors and consent of the Maharashtra Municipal and Industrial Development Corporation Limited (CIDCO), which retains a 26 per cent shareholding.
“The Company, in accordance with (i) the approval granted by the Board of Directors at its meeting held on December 11, 2024; (ii) and the consent of City and Industrial Development Corporation of Maharashtra Limited (CIDCO) (after waiving its pre-emptive rights) dated December 12, 2024 (received at 8:30 pm on December 12, 2024) , today acquired 57,12,39,588 shares representing 74% of Navi Mumbai IIA Private Limited (NMIIA) at a price of Rs. 28.50 per equity share amounting to Rs 1,628.03 crore. CIDCO owns the remaining 26% of NMIIA shares,” the company said in its disclosure.
With this acquisition, NMIIA becomes a subsidiary of the company, he added.
Established on June 15, 2004, NMIIA specializes in developing integrated industrial areas in Maharashtra. Recognized as a “Special Planning Authority” under the Maharashtra Town and Regional Planning Act, 1966, NMIIA has achieved a turnover of Rs 34.89 crore (FY24), Rs 32.89 crore (FY24), FY23) and Rs 34.74 crore (FY22).
