Reliance Industries acquires 74% stake in Navi Mumbai IIA for Rs 1,628 crore

Reliance Industries acquired a 74% stake in Navi Mumbai IIA for Rs 1,628.03 crore, following CIDCO's consent. RIL purchased 57.12 crore shares at Rs 28.50 each, making NMIIA, a developer of integrated industrial areas, its subsidiary. CIDCO retains a 26% stake. The deal, approved by RIL's board, doesn't involve related parties and required no further regulatory approvals.