RIL buys Rs 202 cr worth prime plots in Kenya's Nairobi

Mukesh Ambani-owned Reliance Industries (RIL) has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million). The land, which has a developable area of about 1.2 million sq ft has been acquired for commercial and residential property development.

RIL's real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary. RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments.

RIL bought prime plots of land in Nairobi, and developed them for residential and commercial use. In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.