RIL set to purchase 74% in Dahej’s Nauyaan Shipyard for Rs 383cr

MUMBAI: Mukesh Ambani-led Reliance Industries is ready to amass 74% of Nauyaan Shipyard from Welspun Corp, owned by B Ok Goenka, for Rs 383 crore, getting access to 138 acres of leasehold land in Dahej, Gujarat. This land is positioned close to Reliance’s petrochemical manufacturing facility.
In Jan 2023, Welspun had bought 165 acres in Dahej, together with 1,000 metres of waterfront and previous ships from the bancrupt ABG Shipyard for Rs 659 crore. Reliance intends to utilise the 138-acre plot to construct services for salt storage, brine preparation, and hydrogen electrolyser manufacturing, advancing its inexperienced hydrogen initiatives. The corporate will even obtain rights to make use of foreshore land, it stated on Friday.
The transaction construction entails Reliance initially buying 100% of Nauyaan Tradings, which was established on March 3 this yr, from Welspun Tradings (a wholly-owned subsidiary of Welspun Corp) for Rs 1 lakh.
The acquisition will likely be executed by Reliance Strategic Enterprise Ventures, a wholly-owned subsidiary. Subsequently, Nauyaan Tradings will purchase 74% of Nauyaan Shipyard from Welspun Corp for Rs 383 crore.
The whole valuation of Nauyaan Shipyard, together with debt and fairness, stands at Rs 644 crore. Reliance’s plans for the Nauyaan land point out a transition from the historic maritime actions in direction of inexperienced manufacturing services. In 2023, the corporate established Reliance New Power to enter the electrolyser sector, with plans to determine services having an preliminary capability of 1 GW.