Reliance Industries Acquires 74% Stake in Navi Mumbai IIA for $192 Million

Reliance Industries has purchased a 74% stake in Navi Mumbai IIA, an industrial area developer, for ₹16.28 billion ($192 million). The company, previously known as Navi Mumbai Special Economic Zone, was renamed in 2018 after the state government approved its transformation into an integrated industrial area.

The deal comes amid growing demand for warehousing and industrial parks in India as businesses increasingly look to diversify supply chains away from China. Reliance, which already has operations in warehousing and logistics, is strengthening its portfolio with this acquisition.

Ownership and Financials

The CIDCO (City and Industrial Development Corporation of Maharashtra) will retain a 26% stake in Navi Mumbai IIA. For the FY March 2024, the developer reported a turnover of ₹348.9 million, a 6% increase from the previous year.

About Reliance Industries Limited

Reliance Industries Limited is a large Indian multinational company based in Mumbai, Maharashtra. It operates in number of sectors, including energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Dhirubhai Ambani founded the company in 1957.

Reliance Industries stock price is currently trading at ₹1,277.50, up by ₹4.65 (0.37%) as of 9:47 AM on December 16. The stock opened at ₹1,275.00, reached a high of ₹1,281.00, and a low of ₹1,275.00. The 52-week high is ₹1,608.80, while the 52-week low is ₹1,217.25.

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