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I’m amazed by how surprised everyone is on Jai Corp’s sale of lakhs of crores worth of land in Navi Mumbai to Reliance for peanuts 🙏🙏 There is so much history which is public. Add that, a speculator's theory stands out (on which I reserve the right to be wrong - Rakesh Jhunjhunwala). Here's what my theory is! .. See, we have two main characters in this story - Mukesh Ambani and Anand Jain, both childhood friends, who studied in the same school. In 1981, when Mukesh Ambani returned from Stanford University, he also got Jain to shun his businesses and join Reliance. -> There, Jain played key roles across real estate, finance, and capital markets -> Parallel to this, in 1985, he also started to build Jai Corp But, the highlight was when he led Dhirubhai Ambani’s fight against the Bear Cartel led by Manu Manek Mundra (Black Cobra, shown in Scam 1992). Post this, Jain openly came to be celebrated as Dhirubhai’s THIRD SON 🙏🙏 .. That said, after the 1991 reforms, Mukesh Ambani grew very aggressive on building special economic zones (SEZs), which were in sync with the Govt focus. And the one who led all of this was? Jain! -> In the following years, Reliance appointed Jain as Chairman of SEZs it was building in Mumbai, Navi Mumbai, Haryana -> He led land acquisition and infra planning in these SEZs, and the amenities and housing infra around them -> This included working closely with Govt bodies and forming alliances with other competing organisations .. This is when the Navi Mumbai land came into the picture a little over 20yrs ago. This was a 5.2k acres massive SEZ, in which 26% would be held by the State Govt’s CIDCO, and the rest by a consortium formed by Jain. And what was this consortium? Three companies - Reliance owned 33%, Jain’s Jai Corp owned 32% and SKIL Infra owned 35%. .. And what has happened now is this 🙏🙏 -> Reliance and Jai Corp (as explained, super-related, but legally unrelated) together own 65% stake in this consortium entity -> They teamed up to kick off the 3rd partner by using the majority in the consortium to pass the sale of the whole ownership to Reliance at a throw-away price Result? Ambani’s Reliance now owns its 33%, super-related Jai Corp’s 32% and also SKIL Infra’s 35% in the company which owns 74% of the lakhs of crores worth of land in Navi Mumbai, all by paying just Rs 1.7k crore! .. And what did Jain gain from this? Well, nobody knows what deal he has received from his age-old friend (Mukesh Ambani) to enrich Reliance this way. But, assuming that nothing comes for free, even friends, there must have been some deal, written or unwritten 🙏🙏 Would love to get inputs on where I may be wrong :) ..