Reliance Industries Acquires 74% Stake in Nauyaan Shipyard for 3.83 Billion Rupees.

Reliance Industries has completed the acquisition of a 74% equity stake in Nauyaan Shipyard for 3.83 billion rupees. The deal marks the latest move by India's largest conglomerate to expand its presence in the shipping and logistics industry.

Reliance Industries Ltd (RIL), India's largest conglomerate, has recently acquired a significant stake in Nauyaan Shipyard, marking its latest move to expand its presence in the shipping and logistics industry. The deal, valued at ₹1,628 crores (approximately $212 million), was completed on December 13, 2024 [1].

The acquisition involves RIL purchasing a 74% equity stake in Navi Mumbai IIA Private Ltd (NMIIA), a company engaged in developing an integrated industrial area (IIA) in Maharashtra [1][2]. With this acquisition, NMIIA has become a subsidiary of Reliance Industries.

NMIIA, incorporated in 2004, has reported a turnover of ₹34.74 crore, ₹32.89 crore, and ₹34.89 crore for the financial years 2021-22, 2022-23, and 2023-24, respectively [1]. The company has been appointed as a 'special planning authority' by the government of Maharashtra for the development of this industrial area under the Maharashtra Regional and Town Planning Act, of 1966 [1].

This acquisition is not a related-party deal, and no promoter group interests are involved [1]. The transaction has received approval from RIL's board of directors and consent from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) [1].

Reliance Industries' acquisition of Nauyaan Shipyard is a strategic move to diversify its business portfolio and strengthen its position in the shipping and logistics industry. The company has been actively seeking growth opportunities in this sector, and this acquisition is expected to contribute significantly to its revenue and profit growth in the future.

References:

[1] CNBCTV18.com. (2024, December 13). Reliance Industries acquires 74% stake in Navi Mumbai IIA Private for ₹1,628 crore. Retrieved December 15, 2024, from https://www.cnbctv18.com/market/stocks/reliance-industries-share-price-acquires-74-pc-stake-in-navi-mumbai-iia-private-for-rs-1628-crore-19524107.htm

[2] Domain-B.com. (2024, December 13). Reliance acquires 74 stake in Navi Mumbai IIA for Rs1,628 crore. Retrieved December 15, 2024, from https://www.domain-b.com/management/m-a/reliance-acquires-74-stake-in-navi-mumbai-iia-for-rs1-628-crore