RIL lands in 5,286-acre deal for peanuts

Mumbai: Maharashtra’s biggest industrial land parcel measuring over 5,286 acres- at a strategic location close to the Navi Mumbai Airport, JNPT and the Mumbai Trans Harbour Link project- has been sold to Reliance Industries Ltd (RIL) at a valuation of mere Rs2,200 crore.

Anand Jain-promoted Jai Corp Ltd informed the stock exchange that Urban Infrastructure Holdings Pvt Ltd, a firm in which his company holds 32 per cent, is convening an extraordinary general meeting (EGM) of shareholders to approve capital reduction proposed by the company.

The company informed the stock exchange that the subsidiary of Urban Infrastructure Holdings Pvt Ltd, i.e, Dronagiri Infrastructure Pvt Ltd (DIPL), sold its 74 per cent stake in Navi Mumbai IIA Pvt Ltd for Rs1,628.03 crore, valuing the company at Rs2,200 crore to Reliance Industries Ltd. Mukesh Ambani-led RIL informed the exchanges on December 13, 2024, that pursuant to the waiver of the first right of refusal by the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), it has bought 57.12 crore equity shares representing 74 per cent of Navi Mumbai IIA Private Limited (NMIIA), formerly called Navi Mumbai SEZ, at a price of Rs28.50 per equity share, aggregating Rs1,628.03 crore, valuing the 5,286-acre project at an equity value of Rs2,200 crore.

After the acquisition, NMIIA became a 74 per cent subsidiary of the company, it said in a disclosure to the stock exchange. NMIIA was incorporated on June 15, 2004, and is engaged in developing the Integrated Industrial Area (IIA) in Maharashtra. Navi Mumbai IIA Pvt Ltd in the financial year ending March 2018 was allowed by the Maharashtra govt to be converted from an SEZ into an Integrated Industrial Area (IIA). NMIIA has been appointed as the Special Planning Authority for the notified areas of Dronagiri, Kalambol.

The Navi Mumbai SEZ was once said to be estimated as having an economic potential of over Rs1 lakh crore after the Mumbai Trans Harbour Link (Atal Setu) and Navi Mumbai Airport get operational. NMIIA is a strategically located industrial zone as it is in close proximity to the upcoming Navi Mumbai International Airport, the Jawaharlal Nehru Port, the Mumbai Trans Harbour Link and the Mumbai-Pune Highway. 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.