M&A

M&A

RIL unit to buy 74% stake in Nauyaan Shipyard from Welspun for Rs.383-Cr

BSE Announcement   Business Line  

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of publicly-listed Reliance Industries Ltd, has acquired 100% equity stake in Nauyaan Tradings Pvt Ltd (NTPL) for INR 1 lakh from Welspun Tradings Ltd, a wholly-owned subsidiary of Welspun Corp Ltd (WCL).NTPL was incorporated earlier this month and is yet to commence business.Post acquisition by RSBVL, NTPL is to acquire 74% equity stake in Nauyaan Shipyard Pvt Ltd (NSPL) from WCL, for INR 382.73 crore. NSPL’s enterprise value is INR 643.78 crore with debt and liabilities aggregating INR 126.57 crore, in which the 100% equity value aggregates to INR 517.21 crore. NSPL will repay INR 93.66 crore due to WCL.