Mumbai: Jai Corporation Ltd, a Mumbai-based company, would be investing up to Rs 1,000 crore in Mumbai SEZ Ltd and Rewas Port Ltd, both being promoted by Reliance Industries Ltd.
The annual general meeting of the company last month had approved the investment proposals, the company said in a notice to the stock exchanges.
Incidentally, the promoters of Jai Corporation include Anand Jain, who is a close associate of Mukesh Ambani, RIL Chairman.
The company also decided to split the Rs 10 face-value share into 10 shares of Re 1 each. The company has sought shareholders’ approval for borrowing up to Rs 2,500 crore.
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