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

MUMBAI: Mukesh Ambani-led Reliance Industries is set to purchase 74% of Nauyaan Shipyard from Welspun Corp, owned by B Okay Goenka, for Rs 383 crore, gaining entry 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 amenities for salt storage, brine preparation, and hydrogen electrolyser manufacturing, advancing its inexperienced hydrogen initiatives. The firm may also obtain rights to use foreshore land, it mentioned 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 might be executed by way of Reliance Strategic Business Ventures, a wholly-owned subsidiary. Subsequently, Nauyaan Tradings will purchase 74% of Nauyaan Shipyard from Welspun Corp for Rs 383 crore.
The complete 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 the direction of inexperienced manufacturing amenities. In 2023, the corporate established Reliance New Energy to enter the electrolyser sector, with plans to set up amenities having an preliminary capability of 1 GW.