Latest Updates
Reliance Industries Acquires Maharashtra’s Largest Industrial Land Parcel for Rs 2,200 Crore
Reliance Industries Ltd (RIL) has acquired over 5,286 acres of industrial land in Maharashtra, valued at Rs 2,200 crore. The strategically located land, close to the Navi Mumbai Airport, Jawaharlal Nehru Port Trust (JNPT), and the Mumbai Trans Harbour Link, was sold by Anand Jain-promoted Jai Corp Ltd.
Urban Infrastructure Holdings Pvt. Ltd. (UIHPL), in which Jai Corp holds a 32% stake, announced that its subsidiary, Dronagiri Infrastructure Pvt. Ltd. (DIPL), sold its 74% stake in Navi Mumbai Integrated Industrial Area Pvt. Ltd. (NMIIA) to RIL for Rs 1,628.03 crore, valuing the entire project at Rs 2,200 crore.
RIL confirmed the deal on December 13, 2024, stating that following a waiver from the City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO), it acquired 57.12 crore equity shares, representing a 74% stake in NMIIA, for Rs 28.50 per share.
The Navi Mumbai SEZ project, now valued at Rs 2,200 crore, was once estimated to have an economic potential exceeding Rs 1 lakh crore, once the Mumbai Trans Harbour Link (Atal Setu) and the Navi Mumbai International Airport are operational.
RIL, in its statement, said that the investment is not a related party transaction and none of the company's promoters, the promoter group, or group companies have any interest in the above transaction.
But Urban Infrastructure Holdings Private Ltd. (UIHPL) is owned 33 per cent by Mukesh Ambani-led Reliance group companies, 32 per cent by Jai Corp Group led by Anand Jain and SKIL Infrastructure, which is currently under NCLT proceedings, held 35 per cent as per its annual report for the financial year ending March 2023, according to credit rating agency Care Ratings, which had rated Navi Mumbai SEZ instruments in March 2021.
The land’s strategic location, close to major infrastructure projects such as the upcoming Navi Mumbai International Airport, JNPT, the Mumbai Trans Harbour Link, and the Mumbai-Pune Highway, adds significant value to the investment.
