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Maharashtra’s biggest industrial land parcel in Navi Mumbai sold for a song to Reliance Industries

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Mumbai, Jan 2: Maharashtra’s biggest industrial land parcel measuring over 5,286 acres — at a strategic location close to the Navi Mumbai Airport, JNPT and the Mumbai Trans Harbour Link project — has been sold to Reliance Industries Ltd at a valuation of mere Rs 2,200 crore.

Anand Jain-promoted Jai Corp Ltd. informed the stock exchange that Urban Infrastructure Holdings Pvt. Ltd., a firm in which his company holds 32 per cent, is convening an extraordinary general meeting (EGM) of shareholders to approve capital reduction proposed by the company.

The company informed the stock exchange that the subsidiary of Urban Infrastructure Holdings Pvt. Ltd., i.e., Dronagiri Infrastructure Pvt. Ltd. (DIPL), sold its 74 per cent stake in Navi Mumbai IIA Pvt. Ltd. for Rs 1,628.03 crore, valuing the company at Rs 2,200 crore to Reliance Industries Ltd.

Mukesh Ambani-led RIL informed the exchanges on December 13, 2024, that pursuant to the waiver of the first right of refusal by the City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO), it has bought 57.12 crore equity shares representing 74 per cent of Navi Mumbai IIA Private Limited (NMIIA), formerly called Navi Mumbai SEZ, at a price of Rs 28.50 per equity share, aggregating Rs 1,628.03 crore, valuing the 5,286-acre project at an equity value of Rs 2,200 crore.

After the acquisition, NMIIA became a 74 per cent subsidiary of the company, it said in a disclosure to the stock exchange.

NMIIA was incorporated on June 15, 2004, and is engaged in developing the Integrated Industrial Area (IIA) in Maharashtra. Navi Mumbai IIA Pvt. Ltd. in the financial year ending March 2018 was allowed by the Maharashtra government to be converted from an SEZ into an Integrated Industrial Area (IIA). NMIIA has been appointed as the Special Planning Authority for the notified areas of Dronagiri, Kalambol.

The Navi Mumbai SEZ was once said to be estimated as having an economic potential of over Rs 1 lakh crore after the Mumbai Trans Harbour Link (Atal Setu) and Navi Mumbai Airport get operational. NMIIA is a strategically located industrial zone as it is in close proximity to the upcoming Navi Mumbai International Airport, the Jawaharlal Nehru Port, the Mumbai Trans Harbour Link and the Mumbai-Pune Highway.

RIL, in its statement, said that the investment is not a related party transaction and none of the company’s promoters, the promoter group, or group companies have any interest in the above transaction.

But Urban Infrastructure Holdings Private Ltd. (UIHPL) is owned 33 per cent by Mukesh Ambani-led Reliance group companies, 32 per cent by Jai Corp Group led by Anand Jain and SKIL Infrastructure, which is currently under NCLT proceedings, held 35 per cent as per its annual report for the financial year ending March 2023, according to credit rating agency Care Ratings, which had rated Navi Mumbai SEZ instruments in March 2021.

Urban Infrastructure Holdings Private Ltd. held a 99 per cent stake in Dronagiri Infrastructure, which owns 74 per cent in Navi Mumbai IIA Pvt Ltd. The remaining stake is held by the government agency CIDCO.

According to the SKIL Infrastructure website, Navi Mumbai IIA achieved financial closure for 2,140 hectare (approx 5286 acre) and is currently developing the site. It said the company is the lead consortium member for Navi Mumbai IIA Ltd., with the balance of equity held by Reliance Group Investment and Holding Private Ltd., a Mukesh Dhirubhai Ambani Group company.

Dronagiri Infrastructure was scheduled to convene a shareholder meeting on January 2, seeking approval for reduction of share capital.

The Board of Urban Infrastructure, i.e., the owner of Dronagiri, has proposed to reduce 99.76 per cent of its share capital (i.e., equity shares and fully compulsorily convertible preference shares, or CCPS) on a proportionate basis and pay an aggregate consideration of Rs 3,746.87 crore to its shareholders towards such capital reduction on a proportionate basis and considering CCPS on an as is converted basis.

Out of this, owners of Urban Infrastructure have already received the promoter’s contribution towards equity of Rs 1,597 crore. Dronagiri will distribute Rs 1,492.50 crore along with any interest that has accrued and redeem Optionally Fully Convertible Debentures for Rs 682 crore held by its subsidiary Vinamra Universal Traders Private Limited.

Thus, the total funds that UIHPL will receive will be a minimum of Rs 3,772 crore. UIHPL, which held a 99 per cent stake in DIPL, had also issued Compulsorily Convertible Debentures to Reliance (Mukesh Ambani) Group. On the conversion of CCDs, Reliance, along with Jai Corp Group, will hold a substantial equity stake in UIHPL, the rating agency had said. This would have resulted in Reliance Group and Jai Corp Group indirectly having a controlling stake in NMIIA.

In addition, the funding requirement of NMIIA is met out of equity and share application money (through UIHPL) as well as deposits from the wholly owned subsidiary of RIL.

Till December 31, 2022, NMSEZ received equity capital and share application money of approximately Rs 3,100 crore and deposits to the extent of Rs 6,038, according to Care Ratings. It is not clear what the status of these deposits is since then.

As per the 2023-24 balance sheet, Reliance has advanced close to Rs 6,162 crore to its subsidiary Reliance 4IR Realty Development Ltd., which in turn used a portion of the provided loans and invested substantially in the Zero Coupon Unsecured Optionally Fully Convertible Debentures of several SPVs involved in development in the Dronagiri, Kalamboli, and Ulwe areas.

The rating agency, though, wrote that since the project has been cleared by the Environment Ministry, the demand for the plots within the area is expected to increase. Furthermore, there is no major capital expenditure left to be incurred in the project, and there has been a significant appreciation in the value of land in the last couple of years.

However, this high economic value does not seem to reflect in the cost of acquisition of the project by Reliance Industries.

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Agriculture, allied sectors likely to see 3.5-4 pc growth in 2025: Shivraj Singh Chouhan

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8 hours ago

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January 4, 2025

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New Delhi, Jan 4 The growth rate of the agriculture sector and allied sectors is expected to be between 3.5 per cent and 4 per cent in 2025, Union Agriculture Minister Shivraj Singh Chouhan said on Saturday.

In a review meeting of various schemes with the state/UT ministers in the national capital, Chouhan said that in the New Year with new resolutions, “we will take forward the work of agricultural development and farmer welfare at a fast pace”.

“Prime Minister Narendra Modi had said from the Red Fort last year that I will work with three times the strength in the third term. We should also resolve that we will work with our full potential,” the Union Minister said during the meeting. “Under the leadership of PM Modi, we have a six-point strategy for farmer welfare and development in the agriculture sector,” he added.

The Agriculture Ministry is working in several directions like micro-irrigation schemes, mechanisation, use of technology and new agricultural methods. “We are working on reducing the cost of production to increase income rapidly,” he said.

As part of the ‘PM Kisan Samman Nidhi’ scheme, Rs 3.46 lakh crore has been distributed to 11 crore farmers in 18 instalments to date.

“More than 25 lakh eligible farmers were added in the first 100 days of PM Modi’s third term. The number of people taking benefit of the 18th instalment increased to 9.58 crore,” Chouhan said.

The ‘PM Crop Insurance Scheme’ is the world’s largest crop insurance scheme.

“In this, loanee applications are 876 lakh and non-loanee applications are 552 lakh. A total of 14.28 crore farmers have applied, 602 lakh hectare area is insured, and the gross insured amount is Rs 2,73,049 crore,” the Agriculture Minister said.

Four crore farmers have benefited from the scheme. Since the inception of the scheme, Rs 17,000 crore has been given to farmers in the form of claims, he added.

The Union Cabinet on January 1 decided that the provision of Rs 66,000 crore in the crop insurance scheme has been increased to more than Rs 69,000 crore.

“Fertiliser subsidy like DAP will now be available at the price of Rs 1,350 per 50 kg bag and a provision of Rs 3,800 crore has been made for this,” said the minister.

Chouhan said it is also necessary to pay attention to the legalisation of crops and states are also making better efforts in this direction.

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Business

Attention Mumbaikars! Don’t Miss Out On Amazing Start-Of-The-Year Deals From Top Brands; Check Out Details

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10 hours ago

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January 4, 2025

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Mumbai: With the arrival of the new year, it’s an opportunity for a fresh and excellent beginning to the year. If you seek home decor or routine shopping, leading brands in Mumbai offer the finest deals available for you. Explore the additional information below to grab the top deals that the brands are offering, which you won’t want to overlook.

Ongoing Best Deals Deals

The start-of-the-year sales are a steal-deal for Mumbaikars with 50%-70% off on top brands like Suvasa, Akbarallys furniture, Soch, Jimmy Choo, Superdry, Emporio Armani, Vijay Sales, Metro Wholesale, Lifestyle, Smart Bazaar and many more.

Top Deals At Lifestyle

Lifestyle, the beloved clothing brand has started the year with Sale Of The Season deals with products available at flat 50% off. Visit their website at lifestylestores.com to avail the best offers by shopping online with yout leisure. You can also visit their stores at the mall nearest to you at Oberoi Mall, WE Highway Goregaon East or Phoenix Palladium.

Top Deals At Smart Bazaar

The people favourite brand for daily needs and more, Smart Bazaar is celebrating Makar Sankranti with big saver deals. The brand is offering ‘buy1 get 1’ offer on over 1500+ products along with Smart Style Sale with affordable fashionable clothing starting at ₹299. Save big crunch over fruits and and dry fruits along with party essential cold drinks. Visit the nearest Smart Bazaar store to avail the amazing deals.

Top Deals At Soch

The go-to store for all your traditional clothings, Soch has presented Mumbaikars with their special Red Dot Sale with upto 50% off on Salwat suits, Sarees, Kurtas. Kurta Sets, Dress Materials, Tunics and Kaftans. You can also get premium scented candle for just ₹498 of worth ₹2495. Visit nearest Soch store today to avail the amazing deal.

Top Deals At Akbarallys furniture

If you are looking to exchange your old furniture and welcome new teak and solid wood furniture at your home, look no further as Akbarallys furniture have extended their exchange dhamaka offer where you have the opportunity to save up to 60% by exhanging your old furniture to a new customised furniture. You are eligible to 40% off on goods without exchange. Visit their store in Fort or Chembur to avail the amazing deal.

Top Deals At Metro Wholesale

The people favourite wholesale mart, Metro, has a new year offer promising big savings. The ‘Naya Saal Badhi Bachat’ sale buyers have amazing deals on variety of daily products to home essential products discounts ranging from 10% upto 80% off. The customers have the opportunity to get ₹100 off on minimum purchase of ₹1000. Visit the Metro store in Bhandup between 8 AM to 10 PM, Borivali and Malad stores between 7 AM to 10 PM. The offer is only applied for Mumbai stores. Offer valid till January 9, 2025.

Amazing Deals At Phoenix Palladium

Phoenix Palladium has presented end of season sale starting January 3 onwards. Avail the chance to grab 40% off on luxury brands such as Jimmy Choo, TOD’S, Canali, Coach, Superdry, Emporio Armani, Diesel, Muji, Dune London and many more.

Top Deals At IKEA

IKEA is presenting its winter sale with limited time offer upto 70%. Shop at IKEA sale and decorate your home with our elegant designs. Hurry! Get your hands on amazing deals and massive discounts on stylish furniture and decor at IKEA Winter Sale. You can visit their official website or visit IKEA store at IKEA Worli City Store or IKEA Navi Mumbai.

Top Deals At Shoppers Stop

Shoppers Stop is presenting its BIG Fab sale with a limited-time offer upto 50%. Shop at their online portal shoppersstop.com, or visit stores nearest to you. Get your hands on amazing deals such as extra ₹2500 by using ‘FABSALE’ code on your purchase. Get massive discounts on latest fashion trends and and much more at the sale.

Top Deals At Titan

One of the top watch brands has presented exclusive sale upto 60% off. Grab the deal by visiting their official website titan.co.in or visit the Titan store near you to avail the exclusive sale offers of top products.

Other Top Deals In Mumbai

Options, Baby Bell, Green Bell and Boy London are offering upto 40% off on their products. Visit their social media pages, website optionsfashion.com or store in Vile Parle West.

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Business

realme partners with KRAFTON India to revolutionise Indian e-sports landscape

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2 days ago

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January 3, 2025

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New Delhi, Jan 3: India’s gaming industry is experiencing remarkable growth, transforming the country into a major force in the global gaming landscape.

By 2028, the APAC region is projected to generate $181.8 billion in gaming revenue, representing 54.4 per cent of the global market. Within this region, India’s online gaming market is expected to reach Rs 66,000 crore by 2028, expanding at a compound annual growth rate of 14.5 per cent.

Several factors contribute to this growth, including India’s young demographics, with nearly 600 million people under 35 years of age. Coupled with some of the world’s most affordable mobile data prices and over 650 million smartphone users, India has cultivated a strong culture of digital entertainment consumption, particularly in gaming.

The industry’s growth is particularly evident in two key segments. The real-money gaming (RMG) market has gained significant momentum through skill-based games, while the social and casual gaming sector continues to expand its reach among young adults and working professionals.

This surge in app-based gaming reflects broader changes in entertainment preferences, driven by increasing smartphone adoption and improved internet connectivity.

To further tap into India’s burgeoning gaming market, realme has joined forces with KRAFTON India as the official smartphone partner for Battlegrounds Mobile India Series (BGIS) 2025 and Battlegrounds Mobile India Pro Series (BMPS) 2025.

Marking 2025 as its first dedicated gaming year, realme has positioned esports as a core strategic focus. This strategic collaboration comes at a pivotal time, as India is projected to reach 720 million mobile gamers by 2028. The partnership will kick off with the BGIS 2025 LAN Finals in Kolkata, featuring a substantial prize pool of Rs 2 crore, demonstrating the scale of investment in competitive gaming.

To realise this gaming-focused vision, realme has established an internal team, bringing together specialists from research and development, marketing, and product departments.

The team works closely with KRAFTON India on joint research and development and exclusive debugging initiatives, demonstrating realme’s commitment to building a robust e-sports ecosystem.

Following its “make it real” philosophy, this commitment is already evident in devices like the realme GT 7 Pro, which has been well-received in the Indian market for its strong gaming performance capabilities.

The realme GT 7 Pro will also be serving as the official smartphone for BGIS 2025.

The collaboration represents a significant step in realme’s broader vision to revolutionise the mobile gaming landscape in India.

Through strategic investments in esports infrastructure, grassroots initiatives, and technological innovation, realme aims to make premium gaming experiences more accessible while nurturing the next generation of esports athletes.

Beyond tournaments, the partnership focuses on building a comprehensive ecosystem that supports content creators and provides interactive platforms for the gaming community, leveraging realme’s expertise in high-performance smartphones and KRAFTON’s influential position in the gaming industry to create a more engaging gaming ecosystem for Indian users.

The convergence of realme’s technological expertise and KRAFTON’s gaming prowess marks an important milestone in India’s gaming journey.

As the country continues its trajectory to become a global gaming powerhouse, collaborations like these between technology and gaming leaders will play a crucial role in shaping the future of mobile gaming and e-sports in the country.

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