RIL Invests ₹1,628 Crore to Establish Another Company in Real Estate
Billionaire Mukesh Ambani's Reliance Industries Limited (RIL) has acquired a 74% stake in Navi Mumbai IIA Private Limited (NMIIA). For this, the oil-to-data conglomerate will invest ₹1,628 crore. With this latest deal, RIL has further bolstered its position in India’s commercial real estate sector.
NMIIA works on developing an Integrated Industrial Area (IIA) in the state of Maharashtra. After this deal, NMIIA has become a subsidiary of RIL. The Dhirubai Ambani-founded company has purchased 57,12,39,588 shares of NMIIA at the rate of ₹28.50 per share.
The remaining 26% stake in NMIIA is held by the City and Industrial Development Corporation of Maharashtra Limited (CIDCO). It is noteworthy that NMIIA has been appointed as the 'Special Planning Authority' by the Maharashtra government for the development of the IIA. This authority will oversee the planning and development of the city.
NMIIA was established on June 15, 2004. Recognized as a 'Special Planning Authority' under the Maharashtra Regional and Town Planning Act, 1966, NMIIA achieved a turnover of ₹34.89 crore in FY24, ₹32.89 crore in FY23, and ₹34.74 crore in FY22.
RIL forayed into India's real estate sector in 2023 when it established a wholly-owned subsidiary named ‘Reliance SOU Limited’ (RSOUL). With this real estate arm, the group intended to carry on the business of developing properties for commercial use in the country.
As far as other infrastructural projects of the Reliance group are concerned, it is already in the process of constructing a greenfield smart city near Gurugram, Haryana.
In another significant development, Ira Bindra has been appointed as the Group President of RIL's HR Department. The 47-year-old Bindra is the first female member outside the Ambani family to join the group's executive committee. Additionally, she will be the youngest woman in the committee.
Before joining RIL, Bindra was the HR Head and Vice President of Global Regions at Medtronic USA. She graduated from Lady Shri Ram College, Delhi, in 1998. In 1999, she completed her post-graduation in Business Administration from Maastricht School of Management, Netherlands. Before joining Medtronic in May 2018, she worked with GE Capital, GE India, GE Healthcare, and GE Oil & Gas.
