Reliance Industries sets up company for real estate development

MukeshAmbani’s Reliance Industries has set up a company — in Reliance Navi Mumbai Infra (RNMIL) — for real estate development. It said the company has invested Rs 5 lakh as initial capital in the newly incorporated entity, which is yet to commence its business operations. According to sources, RNMIL will develop properties in the special economic zone to be developed by Reliance Industries in Navi Mumbai. Though there is a buzz that it is created to buy the 132-acre DhirubhaiAmbaniKnol­wedge City (DAKC) owned by Anil Ambani’s Reliance Com­m­unications (RCom). However, nothing has been confirmed by the company or their representatives. RIL would be forming a new company to bring under one umbrella all of its real estate ventures, reports had said last year.