Industrialist Anil Ambani has sold nearly half of his 15 per cent stake in NICE, an entity developing Bangalore-Mysore infrastructure corridor, for over Rs.300 crore. Mr. Ambani, who heads telecom-to-financials conglomerate Reliance Group, has sold an eight per cent stake for USD 65 million (over Rs 300 crore) out of his total holding of 15 per cent in NICE Ltd held in his personal capacity, sources said.
When contacted, a Reliance Group spokesperson declined to comment.
Mr. Ambani had acquired 15 per cent stake in NICE (Nandi Infrastructure Corridor Enterprises Ltd.) for Rs.60 crore way back in 2005 and the latest deal has given him a return of nearly 10-times in about seven years ago. NICE was formed by industrialist Baba Kalyani-led Kalyani Group of Companies and SAB International to develop the Bangalore-Mysore Infrastructure Corridor.