Reliance Industries’ step-down wholly owned subsidiary-- Nauyaan Tradings (NTPL) has entered into a share purchase agreement with Welspun Corp (WCL) to acquire from WCL further 10% equity stake in Nauyaan Shipyard (NSPL), a 74% step-down subsidiary of the company, for an aggregate consideration of Rs 51.72 crore, subject to adjustments, if any, for expenses to the account of WCL and net current assets. The acquisition is expected to be completed by April 11, 2025.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
