Mukesh Ambani’s Reliance Industries Ltd. (RIL) has made a big leap towards increasing its industrial portfolio, as it has acquired 100% equity in Nauyaan Tradings Private Limited (NTPL) for a mere ₹100,000. The acquisition was made by RIL’s wholly owned subsidiary, Reliance Strategic Business Ventures Limited (RSBVL), and was completed with Welspun Trading Limited, a subsidiary of Welspun Corp Limited. As a result, NTPL has now become a step-down wholly owned subsidiary of RIL.
Following this, NTPL entered into a share purchase agreement to acquire a 74% stake in Nauyaan Shipyard Private Limited (NSPL) from Welspun Corp for ₹382.73 crore. The transaction is subject to adjustments related to expenses and net current assets. With this acquisition, NSPL has also become a step-down subsidiary of RIL.
Nauyaan Shipyard was established on July 15, 2021, and has an enterprise value of ₹643.78 crore, including ₹126.57 crore of debt and liabilities. NSPL’s equity is valued at ₹517.21 crore, and under the deal, NSPL is to repay ₹93.66 crore due to Welspun Corp.
The shipyard holds leasehold rights to approximately 138 acres of land near Reliance’s Dahej manufacturing facility in Gujarat. This strategic location is earmarked for various industrial operations such as salt handling, brine preparation, engineering fabrication, and the manufacturing of hydrogen electrolysers. These activities align with RIL’s broader green energy initiatives, particularly its push into the green hydrogen sector.
The deal is part of RIL’s overall strategy to build its strength in the green hydrogen business, which is increasingly becoming crucial in India’s energy mix. Reliance has already set up Reliance New Energy to foray into the electrolyzer business and plans to install facilities with an initial capacity of 1 GW.
This purchase is just one of the several steps that Reliance has been taking to broaden its shipyard business. Earlier this year, Reliance Naval and Engineering Limited was renamed Swan Defence and Heavy Industries Limited when it was bought by Swan Energy Ltd. Swan Energy will make the manufacturing capability of the shipyard much bigger to make India one of the top five countries for heavy fabrication in naval defense and the oil and gas industry.
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Overall, RIL’s acquisition of Nauyaan Tradings and subsequent investment in Nauyaan Shipyard represent a strategic foray towards solidifying its industrial presence while progressing with its green energy goals. With the projected huge infrastructure development on the recently purchased land, Reliance is well-positioned to spearhead India’s shift to sustainable energy options.
