For 16.28 billion rupees ($192 million), India's Reliance Industries announced that it has acquired a 74% share in an industrial area developer located in Mumbai, the nation's financial center.

In 2018, the state government authorized the conversion of Navi Mumbai Special Economic Zone into an integrated industrial area, which led to the renaming of Navi Mumbai IIA.

Since its inception in 2004, NMIIA has been working to build Maharashtra's Integrated Industrial Area (IIA). According to the filing, NMIIA's turnover for the fiscal years 2023–2024 was ₹34.89 crore, ₹32.89 crore in 2022–2023 and  ₹34.74 crore in 2021–2022.

The agreement comes as the nation's warehouse market is heating up, with industrial park operators seeing a surge in demand as Asia's third-largest economy continues to grow steadily and more businesses turn to India in an effort to diversify their supply chains away from China.

According to its most recent annual report, Reliance already has warehouse and logistics-focused units. With the most recent agreement, the Mukesh Ambani-owned conglomerate's operations—which include retail, telecom, and energy—would gain muscle.

This will leave the remaining 26 percent of NMIIA owned by the City and Industrial Development Corporation of Maharashtra.

Significantly, the industrial area developer registered a turnover of 348.9 million rupees for the fiscal year that ended in March 2024, which was 6% higher than the previous year.

RIL's shares ended Friday at ₹1273.35, up 0.75% from the close of the previous day, while the benchmark Sensex ended the day at 82,133.12, up 843.16 points, or 1.04%.