Reliance Industries Chairman Mukesh Ambani, through his personal investment firms, is reportedly in talks to buy out Jai Corp’s 24% stake in Navi Mumbai Special Economic Zone (NMSEZ). Post deal, Ambani will be the largest shareholder of the NMSEZ with a 48.1% stake.
Last week, the NMSEZ project received the go-ahead from the Maharashtra government-owned City and Industrial Development Corporation (CIDCO) for its conversion into an industrial city, the report added.
Jai Corp traditionally is engaged into manufacturing businesses like steel, plastic processing and spinning yarn. It was incorporated in 1985.