Another HUGE move is made by Mukesh Ambani, who pays Rs. to acquire a 74% share in this business, which deals in...
For Rs 1628 crore, reliance Industries Limited (RIL), led by mukesh Ambani, purchased a 74% equity holding in Navi mumbai IIA Private Limited.
The development of the maharashtra Integrated Industrial Area is the goal of the NMIIA.
Following permission from the City and Industrial Development Corporation of maharashtra Limited (CIDCO) and the board of directors of reliance Industries Limited, the acquisition was completed. As of right now, NMIIA is a RIL subsidiary.
At ₹28.50 a share, reliance has acquired 57,12,39,588 shares in NMIIA, while CIDCO owns 26% of the company's shares.
NMIIA has been designated as a "special planning authority" by the maharashtra government. The state's integrated industrial area is being developed by NMIIA. In an exchange filing, the business stated that the City and Industrial Development Corporation of maharashtra Limited (CIDCO) approved the decision on december 12, 2024, following a meeting of the RIL board of directors on december 11, 2024. According to the firm, it acquired 57,12,39,588 equity shares of NMIIA, or a 74% interest. The business paid Rs 1628,03,28,258 for the company, purchasing each share at a price of Rs 28.50. In FY 2023-24, NMIIA's turnover was 34.89 crore, while in FY 2022-23 and FY 2021-22, it was ₹32.89 crore and 34.74 crore, respectively.