Reliance Industries Ltd said its step-down wholly-owned subsidiary Nauyaan Tradings Private Limited (NTPL), has completed the acquisition of a 74% equity stake in Nauyaan Shipyard Private Ltd (NSPL) from Welspun Corp Limited for Rs 382.73 crore.
With this transaction, Nauyaan Shipyard Private has become a step-down subsidiary of RIL. Prior to the acquisition, NTPL had extended an unsecured loan of Rs 93.66 crore to NSPL on an arm’s-length basis. RIL stated that necessary applications are being submitted to relevant authorities for obtaining required approvals under NSPL’s existing agreements.
