Reliance buys 74% stake in NMIIA: Deal done for Rs 1,628 crore, it will work as a subsidiary company

Mukesh Ambani’s company Reliance Industries has bought 74% stake in Navi Mumbai IIA Private Limited (NMIIA). Reliance has spent Rs 1,628 crore for this. This company NMIIA works to develop Integrated Industrial Area (IIA) in Maharashtra. After this deal, NMIIA has become a subsidiary of Reliance Industries. Reliance has bought 57,12,39,588 shares of NMIIA at Rs 28.50 per share.

The remaining 26% stake of NMIIA is with City and Industrial Development Corporation of Maharashtra Limited (CIDCO). Let us tell you that NMIIA has been appointed as ‘Special Planning Authority’ by the Maharashtra Government for the development of IIA. This authority will look after the planning and development of the city.

NMIIA was started in 2004 NMIIA was started on June 15, 2004. Recognized as a “Special Planning Authority” under the Maharashtra Regional and Town Planning Act, 1966, NMIIA has achieved turnover of Rs 34.89 crore (FY24), Rs 32.89 crore (FY23) and Rs 34.74 crore (FY22).

Ira Bindra appointed as Group President of Reliance’s HR Department Ira Bindra has been appointed as the Group President of the HR Department of Reliance Industries. 47-year-old Bindra is the first female member to join the group’s executive committee who is not from the Ambani family. Apart from this, she will be the youngest woman in the executive committee.

Earlier, Ira Bindra was the HR Head and Vice President of Global Regions at Medtronic Company of USA. Ira Bindra graduated from Lady Shri Ram College, Delhi in 1998. After this, in 1999, she completed her post graduation in Business Administration from Maastricht School of Management, Netherlands. He subsequently worked with GE Capital, GE India, GE Healthcare and GE Oil & Gas before joining Medtronic in May 2018.