Reliance Industries Acquires Stake: Mukesh Ambani’s company Reliance Industries has bought a 74% stake in Navi Mumbai IIA Private Limited (NMIIA). For this, reliance has spent Rs 1628 crore. This company NMIIA works to develop an integrated industrial area (IIA) in Maharashtra.
The deal comes at a time when the warehousing market heats up in the country, with industrial park operators facing a spike in demand as growth in Asia’s third-largest economy remains steady and more companies look to India in their bid to diversify supply chains away from China. After this deal, NMIIA became a subsidiary of Reliance. After this deal, NMIIA became a subsidiary of Reliance. Reliance has purchased 57,12,39,588 shares of NMIIA at Rs 28.50 per share.
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Reliance Industries Acquires Stake: Company Said the Exchange Filing
The company informed in an exchange filing that a meeting of the board of directors of RIL took place on December 11, 2024, and approval was received on December 12 from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO).
Reliance Industries Acquires Stake: The Remaining 26% Stake Held by CIDCO
The remaining 26% stake in NMIIA is held by the City & Industrial Development Corporation of Maharashtra Limited (CIDCO). Navi Mumbai IIA was renamed Navi Mumbai Special Economic Zone after the state government approved to convert it into an integrated industrial area in 2018.
Let us tell you that NMIIA has been appointed as the special planning authority by the Maharashtra Government for the development of IIA. This authority will look after the planning and development of the city.
Reliance Industries Acquires Stake: NMIIA
- NMIIA was launched on 15 June 2004.
- Recognized as a Special Planning Authority under the Maharashtra Regional and Town Planning Act, 1966
- NMIIA achieved a turnover of Rs 34.89 crore FY-24, Rs 32.89 crore FY-23, and Rs 34.74 crore FY-22.
Reliance, according to its latest annual report, already owns units focused on warehouse and logistics. - The latest deal would add heft to the Mukesh Ambani-owned conglomerate’s operations which range from energy and telecom to retail.
- Ira Bindra becomes group president of the Reliance HR department.
Another big news related to reliance industries has come out. Ira Bindra has been appointed as the group president of the HR department of Reliance Industries. 47-year-old Bindra is the first woman member who is not from the Ambani family to join the group’s executive committee. Apart from this, Ira Bindra will be the youngest woman on the executive committee.
Reliance Industries Acquires Stake: IRA bindra – Work & Education
Before this, Ira Bindra was HR head and vice president of global reasons in Medtronic company of USA.
Ira Bindra graduated from Lady Shri Ram College, Delhi in 1998. After this post graduated in business administration from Maastricht School of Management, Netherlands in 1999. Subsequently, She worked with GE Capital, GE India, GE Healthcare, and GE Oil & Gas before joining Medtronic in May 2018.
Reliance Industries Acquires 74% Stake in Navi Mumbai Integrated Industrial Area for $192 Million https://t.co/NlZNPvLuQg
— Today's Top Trends (@TodayTopTrends) December 14, 2024
Reliance Share’s
On Friday, the company’s shares closed at the level of Rs 1273.35 with a gain of 0.75 percent. During the last week, the company’s share prices have seen a decline of about 3 percent. Reliance Industries shares have remained negative in 2024. During this period, the price of the company’s shares has fallen by about 2 percent. Let us tell you, in October, Reliance Industries was traded as ex-bonus stock. Then the company gave one share bonus on one share.
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