Reliance Industries Limited acquires 74% in Nauyaan Shipyard

“Please word that Reliance Strategic Enterprise Ventures Restricted (RSBVL), an entirely owned subsidiary of the corporate has knowledgeable the corporate that it has, as we speak, acquired 100% fairness stake in Nauyaan Tradings Non-public Restricted (NTPL) for an mixture consideration of ₹1,00,000 from Welspun Tradings Restricted, an entirely owned subsidiary of Welspun Corp Limited (WCL),” the corporate stated in a regulatory submitting. Nonetheless, NTPL, integrated earlier this month and but to begin operations, serves as a automobile for the acquisition of a majority stake in Nauyaan Shipyard Non-public Restricted (NSPL).

After the acquisition by RSBVL, NTPL entered right into a share buy settlement with Welspun Corp Limited (WCL) to amass a 74% fairness stake in NSPL for ₹382.73 crore. The transaction values NSPL’s fairness at ₹517.21 crore, with an enterprise worth of ₹643.78 crore and whole liabilities of ₹126.57 crore. NSPL can also be anticipated to settle a ₹93.66 crore legal responsibility owed to WCL.

NSPL, integrated in July 2021, holds leasehold rights to roughly 138 acres of land close to RIL’s Dahej manufacturing coastal facility.

“The land is proposed for use for extra actions together with inter-alia for establishing of salt dealing with, storage, and brine preparation, engineering fabrication of constructions, and hydrogen electrolyzer manufacturing,” the RIL assertion stated.

The corporate has additionally initiated functions for regulatory approvals required underneath the agreements governing the leased land. The deal is predicted to shut by March 21, 2025, including momentum to RIL’s technique of consolidating and increasing its industrial footprint.RIL’s scrip was buying and selling at ₹1275.95, up 0.58% on the BSE, Friday afternoon.