Reliance Industries has acquired the remaining 6.1% stake in Nauyaan Shipyard from Welspun Corp for ₹45.32 crore.
The deal marks the final step in a multi-phase acquisition process that began in March 2025.
Reliance said the buyout will boost its electrolyser and fabrication capacity, aligning with its green energy ambitions.
Reliance Industries last week announced that it has taken full control of Nauyaan Shipyard from Welspun Corp after acquiring the remaining 6.1% stake in a ₹45.32 crore deal. The transaction, announced on August 22, marks the final step in a takeover process that began in March this year.
In its annual report, the Mukesh Ambani-led company said the acquisition was aimed at enhancing its electrolyser and fabrication capacity.
Nauyaan Shipyard Private Limited (NSPL) owns around 138 acres of leasehold land in Dahej, Gujarat, along with rights to foreshore land, strategically located near Reliance’s petrochemical complex. Initially conceived as a maritime asset, the site is now being repurposed for industrial and green technology projects. Reliance reportedly plans to develop facilities for salt handling and storage, brine preparation, engineering and structural fabrication, and the manufacturing of hydrogen electrolysers.
Multi-Phase Buyout
The acquisition began in March when Reliance Strategic Business Ventures Limited acquired Nauyaan Tradings Private Limited (NTPL), the holding company of NSPL. NTPL subsequently bought a 74% stake in NSPL for ₹382.7 crore, which included a provision for NSPL to repay ₹93.66 crore in liabilities to Welspun Corp Limited (WCL).
In April, WCL sold an additional 10% stake in NSPL to NTPL for ₹51.72 crore. This was followed in July by another 9.9% stake sale for ₹54.70 crore, subject to adjustments for expenses and net current assets.
The most recent deal, valued at ₹45.32 crore, takes the total transaction value for Nauyaan Shipyard to approximately ₹628.08 crore, including equity and liability settlements.
BK Goenka's Welspun Corp had acquired NSPL (formally ABG Shipyard)’s distressed assets for ₹659 crore in 2023.
What RIL Gains
According to its FY25 annual report (year ended March 31, 2025), Nauyaan Shipyard reported total income of ₹1,643.99 lakh, compared to ₹1,843.47 lakh in FY24. Revenue from operations rose to ₹18.22 lakh, while other income contributed ₹1,625.77 lakh. Expenses stood at ₹794.39 lakh, resulting in a net profit of ₹634.87 lakh, down from ₹707.58 lakh the previous year.
The balance sheet showed right-of-use assets of ₹9,147.20 lakh, primarily from leasehold land, with lease liabilities of ₹1,784.77 lakh. In FY25, additions of ₹407.26 lakh were made to right-of-use assets. Depreciation on leased land stood at ₹302.47 lakh, while lease-related interest expenses were ₹146.20 lakh.
Reliance Industries’ acquisition is closely tied to its partnership with Norway’s Nel ASA, announced in May 2024, under which it secured rights to manufacture and deploy Nel’s alkaline electrolyser technology for both domestic and global use. The collaboration aims to enhance performance, reduce costs, and advance technology to make green hydrogen more competitive, aligning with Govt's National Green Hydrogen Mission.
Approved by the Union Cabinet in 2023 with an outlay of ₹19,744 crore through FY30, the mission targets 5 million metric tonnes of domestic green hydrogen production annually by 2030 to cut fossil fuel imports and emissions. As part of this initiative, the government launched the SIGHT programme with ₹4,440 crore allocated between FY26 and FY30 to support domestic electrolyser manufacturing. As per of the program it has awarded 1,500 MW of capacity in its first phase, including 300 MW to Reliance Electrolyser Manufacturing Limited (REML).
Incorporated in 2023 as a wholly owned subsidiary of Reliance New Energy, REML plans to set up greenfield facilities with an initial 1 GW capacity to drive the company’s electrolyser business.
