Reliance Industries acquires interest in Nauyaan Shipyard

The transaction was worth INR 45.32 crore.

Reliance Industries Limited has announced that its step-down wholly owned subsidiary acquired 6.1% equity stake in Nauyaan Shipyard Private Limited.

In a bourse filing, the company said the interest was acquired by Nauyaan Tradings Private Limited (NTPL) from Welspun Corp Limited for an aggregate consideration of INR 45.32 crore. With this acquisition, NSPL has now become a step-down wholly owned subsidiary of Reliance Industries.

“Necessary applications are being made to the appropriate authorities for obtaining their approvals under the agreements between NSPL and these authorities,” the company said.