Reliance Industries Acquires Remaining 6.1% Stake in Nauyaan Shipyard for Rs. 45.32 Crore

Reliance Industries Ltd. has announced the acquisition of the remaining 6.1% equity stake in Nauyaan Shipyard Private Limited from Welspun Corp Limited. The acquisition was made through Nauyaan Tradings Private Limited, a step-down wholly owned subsidiary of Reliance Industries. The total consideration for the acquisition is Rs. 45.32 crore. This acquisition makes Nauyaan Shipyard a step-down wholly owned subsidiary of Reliance Industries. The transaction is not a related party transaction and no promoter/promoter group/other group companies of Reliance Industries have any interest in the transaction. Necessary applications have been made to the appropriate authorities for obtaining their approvals under the agreements between Nauyaan Shipyard and these authorities.