Moneycontrol
Jan 11, 2018 11:19 AM IST | Source: Moneycontrol.com

Jai Corp jumps 10% as Mukesh Ambani may buy company's stake in Navi Mumbai SEZ

Dronagiri Infrastructure, a company jointly promoted by Ambani, Jai Corp, and SKIL Infrastructure, own a 74 percent stake in the NMSEZ.

 
 
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Jai Corp shares hit a 52-week high of Rs 223.30, rising 10 percent intraday Thursday after a media report indicated that RIL's Mukesh Ambani is in talks to buy out company's stake in NMSEZ.

"Reliance Industries Chairman Mukesh Ambani, through his personal investment firms, is in talks to buy out Jai Corp’s 24 percent stake in Navi Mumbai Special Economic Zone (NMSEZ). If the deal goes through, Ambani will be the largest shareholder of the NMSEZ with a 48.1 percent stake," Business Standard said in its report.

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.

Dronagiri Infrastructure, a company jointly promoted by Ambani, Jai Corp, and SKIL Infrastructure, own a 74 percent stake in the NMSEZ, while CIDCO owns the rest.

At 11:02 hours IST, the stock price was quoting at Rs 217.70, up Rs 14.70, or 7.24 percent on the BSE.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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