Mukesh Ambani's Reliance Industries Limited Announces Acquisition Of... - Details

Mukesh Ambani's Reliance Industries Limited has acquired a 74 per cent stake in Navi Mumbai IIA (NMIIA) for over Rs 1,600 crores. In an exchange filing, Reliance Industries Limited ( NSE , BSE: RELIANCE) said that the company acquired a stake in the company at Rs 28.50 per share.

Reliance Acquires NMIIA: Company's Statement

As per an exchange filing by Reliance in the after hours of the market, Reliance said, "Today acquired 57,12,39,588 equity shares representing 74 per cent of Navi Mumbai IIA Private Limited (NMIIA) at a price of Rs. 28.50 per equity share aggregating Rs. 1628,03,28,258/-."

NMIIA Reliance Acquisition: About NMIIA

CIDCO holds the balance of the 26% equity shares in NMIIA. With this acquisition, NMIIA has become a subsidiary of the company. NMIIA was incorporated on June 15, 2004, and is engaged in developing an Integrated Industrial Area in Maharashtra (IIA). 

The turnover of NMIIA for the FY 2023-24, was Rs.34.89 crore. The government of Maharashtra has appointed NMIIA as a ‘Special Planning Authority’ under the Maharashtra Regional and Town Planning Act, 1966 for the development of the IIA.

Reliance: Previous Acquisitions - Details

Previously, Reliance Industries Ltd purchased a 21 per cent share in Wavetech Helium Inc for over Rs 100 crore. As per media reports, Reliance has acquired, Balaji Telefilms (TV content), EdCast (learning enabler), Embibe (ed-tech content), Saavn (music content), Radsys (5G architecture), Eros (TV content), Hathway (broadband), DEN (cable), Haptik (customer engagement), Reverie (language processing), Fynd (online shopping), Purple Panda Fashions, Clovia (intimate wear), Tesseract (AR/VR), and Grab (logistics) among others.