Welspun Corp Ltd's Subsidiary Nauyaan Tradings Sold to Reliance Industries for Rs. 1,00,000; Nauyaan Shipyard to be Sold for Rs. 382.73 Crores

Welspun Corp Ltd announced the outcome of its Board meeting, which included the sale of 100% equity shares of its step-down wholly-owned subsidiary, Nauyaan Tradings Private Limited (NTPL), to Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited. The total consideration for this sale is Rs. 1,00,000, which corresponds to the total paid-up equity share capital of NTPL. Furthermore, the Board approved the induction of a strategic investor in Nauyaan Shipyard Private Limited (NSPL) by selling 74% equity share in NSPL to NTPL for a consideration of Rs. 382.73 crores. NSPL will also repay the Rs. 93.66 crore of dues to the Company. Upon completion of the transaction, NSPL will cease to be a subsidiary of the Company and will become an associate company of Welspun Corp Limited.