BIG win for Mukesh Ambani, Maharashtra's biggest industrial land parcel sold to Reliance for Rs...

Mukesh Ambani, Reliance Industries chairman, is the richest man in Asia even in 2025. He has a real-time net worth of USD 96 billion, as per Forbes. His Reliance, whose market cap is Rs 16.80 lakh crore (as of January 2), continues to expand its business. Now, Maharashtra's biggest industrial land parcel measuring over 5,286 acres has been sold to Reliance Industries Ltd at a valuation of a mere Rs 2,200 crore. The industrial land parcel is at a strategic location close to the Navi Mumbai Airport, JNPT and the Mumbai Trans Harbour Link project. 

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.

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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.

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. But Urban Infrastructure Holdings Private Ltd. (UIHPL) is owned 33 per cent by Mukesh Ambani-led Reliance group companies, 32 per cent by Jai Corp Group led by Anand Jain and SKIL Infrastructure, which is currently under NCLT proceedings, held 35 per cent as per its annual report for the financial year ending March 2023, according to credit rating agency Care Ratings, which had rated Navi Mumbai SEZ instruments in March 2021.

(With inputs from IANS)