Reliance Industries buys 74% stake in Navi Mumbai IIA for ₹1,628cr

Mukesh Ambani's Reliance Industries has acquired a 74% stake in Navi Mumbai IIA Private Ltd (NMIIA) for ₹1,628 crore. Incorporated in 2004, NMIIA is engaged in developing an integrated industrial area in Maharashtra. The remaining 26% stake in NMIIA is held by the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO).