Reliance Acquires 74% Stake in NMIIA for ₹1,628 Crore: To Operate as a Subsidiary

Mukesh Ambani’s Reliance Industries has acquired a 74% stake in Navi Mumbai IIA Private Limited (NMIIA) for ₹1,628 crore. NMIIA is responsible for developing an Integrated Industrial Area (IIA) in Maharashtra. With this deal, NMIIA has become a subsidiary of Reliance Industries. Reliance purchased 57,12,39,588 shares of NMIIA at ₹28.50 per share.

CIDCO Retains 26% Stake in NMIIA

The remaining 26% stake in NMIIA is held by the City and Industrial Development Corporation of Maharashtra Limited (CIDCO). It is noteworthy that the Maharashtra government has designated NMIIA as the ‘Special Planning Authority’ for developing the IIA. This authority oversees city planning and development.

NMIIA Was Established in 2004

NMIIA was launched on June 15, 2004, and is recognized as a ‘Special Planning Authority’ under the Maharashtra Regional and Town Planning Act, 1966. It reported turnovers of ₹34.89 crore (FY24), ₹32.89 crore (FY23), and ₹34.74 crore (FY22).

Ira Bindra Appointed Group President of Reliance HR Division

Ira Bindra has been appointed as the Group President of Reliance Industries’ HR division. At 47 years old, Bindra is the first woman outside the Ambani family to join the company’s executive committee. Additionally, she is the youngest woman to be a part of this committee.

Ira Bindra’s Career and Educational Background

Previously, Ira Bindra served as the HR Head and Vice President of Global Regions at Medtronic, USA. She graduated from Lady Shri Ram College, Delhi, in 1998, and completed her postgraduate studies in Business Administration from the Maastricht School of Management in the Netherlands in 1999. Before joining Medtronic in May 2018, Bindra worked with GE Capital, GE India, GE Healthcare, and GE Oil and Gas.