M&A

M&A

RIL picks up 74% stake in Navi Mumbai industrial area development agency for Rs.1,628-Cr

Economic Times  

Reliance Industries Limited (RIL) has acquired a 74% equity stake (57.12 crore equity shares of INR 28.50 per share) in Navi Mumbai IIA Pvt Ltd (NMIIA) for INR 1,628.03 crore.The deal was completed following consent from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), which waived its rights of first refusal on December 12, 2024. CIDCO retains the remaining 26% equity stake in NMIIA.NMIIA was incorporated on June 15, 2004 and is engaged in the development of Integrated Industrial Areas (IIA) in Maharashtra. The company reported a turnover of INR 34.89 crore in FY 2023-24, INR 32.89 crore in FY 2022-23, and INR 34.74 crore in FY 2021-22.