Reliance to acquire additional 10% stake in Nauyaan Shipyard

Reliance Industries (BSE:RELIANCE), through its step-down wholly owned subsidiary Nauyaan Tradings Private Limited (NTPL), has entered into an agreement to acquire an additional 10% equity stake in Nauyaan Shipyard Private Limited (NSPL) from Welspun Corp. This acquisition will bring Reliance's indirect holding in NSPL, a 74% step-down subsidiary, to an undisclosed higher percentage. The consideration for this transaction is INR51.72 crore, subject to adjustments related to WCL's expenses and net current assets. Reliance Industries has stated that the transaction is on arm's length basis. The acquisition is expected to be completed by April 11, 2025. Necessary applications are being made to the appropriate authorities for obtaining their approvals under the agreements between NSPL and these authorities.