Reliance Industries Acquires 74% Stake in Navi Mumbai Developer

Reliance Industries Limited (RIL) has acquired a 74% equity stake in Navi Mumbai IIA Private Limited (NMIIA) for ₹1,628.03 crore ($192 million), finalizing the deal on December 12, 2024. This acquisition, involving 57,12,39,588 equity shares at ₹28.50 per share, was approved by RIL's Board of Directors and received consent from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), which maintains a 26% stake. NMIIA, recognized as a 'Special Planning Authority', is involved in developing integrated industrial areas in Maharashtra and recorded a turnover of ₹34.89 crore in FY24. The deal comes amid rising demand for warehousing in India as companies seek to diversify supply chains. RIL's investment further strengthens its diverse portfolio across sectors such as energy, telecom, and retail.