Reliance Industries, the flagship company of the Mukesh Ambani led Reliance Group, said it has set up a subsidiary for the purpose of carrying out operations in the real estate space.
The group, which has hitherto focused on areas like petrochemicals, energy, retail and technology, does not have a sizable real estate-focused business as of now.
“Reliance Navi Mumbai Infra Limited (RNMIL), a newly incorporated entity…is incorporated with the purpose of undertaking real estate and related infrastructure activities. RNMIL is yet to commence its business operations,” it said.
It is not clear whether RNMIL would be undertaking real estate operations to facilitate the activities of other group concerns — like its retail venture — or will be carrying out real estate development activities independently.
Reliance Group has traditionally confined its real estate operations to its in-house needs, along with setting up special economic zones.
Reliance Industries Chairman Mukesh Ambani, in his personal capacity, has a stake in Navi Mumbai Special Economic Zone Pvt. Ltd, which owns
2,140 hectares in Dronagiri, Ulwe, and Kalamboli in Navi Mumbai, not far from the site of the upcoming airport.
Last year, Maharashtra government had allowed Navi Mumbai SEZ promoters to convert the SEZ into an integrated industrial area.