Maharashtras biggest industrial land parcel in Navi Mumbai sold for a song to Reliance Industries
Mumbai, Jan 2: Maharashtras 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 at a valuation of mere Rs 2,200 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 Rs 1,628.03 crore, valuing the company at Rs 2,200 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 Rs 28.50 per equity share, aggregating Rs 1,628.03 crore, valuing the 5,286-acre project at an equity value of Rs 2,200 crore.