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India's Reliance Industries said on Friday it has bought a 74 per cent stake in an industrial area developer, situated in the country's financial hub of Mumbai, for 16.28 billion rupees ($192 million).
Navi Mumbai IIA was renamed from Navi Mumbai Special Economic Zone after the state government approved the convert it into an integrated industrial area in 2018, reports bdnews24.com, citing Reuters.
The deal comes at a time when the warehousing market heats up in the country, with industrial park operators facing a spike in demand as growth in Asia's third-largest economy remains steady and more companies look to India in their bid to diversify supply chains away from China.
Reliance, according to its latest annual report already owns units focused towards warehouse and logistics. The latest deal would add heft to the Mukesh Ambani-owned conglomerate's operations that range from energy and telecom to retail.
The City and Industrial Development Corporation of Maharashtra would own the remaining 26 per cent stake in NMIIA.
For the fiscal ended March 2024, the industrial area developer recorded a turnover of 348.9 million rupees, up 6 per cent over the year earlier.