Reliance Industries Acquires Nauyaan Shipyard for Green Hydrogen Initiatives
Key Ideas
- Reliance Industries to acquire 74% of Nauyaan Shipyard from Welspun Corp for Rs 383 crore, gaining 138 acres of land in Dahej, Gujarat.
- The acquired land will be used to build facilities for salt storage, brine preparation, and hydrogen electrolyser manufacturing as part of Reliance's green hydrogen initiatives.
- The transaction involves Reliance initially purchasing 100% of Nauyaan Tradings from Welspun Corp, followed by Nauyaan Tradings acquiring 74% of Nauyaan Shipyard.
- Reliance's move signifies a shift towards green manufacturing facilities, aligning with its establishment of Reliance New Energy in 2023 to enter the electrolyser sector.
In a strategic move, Reliance Industries, under the leadership of Mukesh Ambani, is set to acquire 74% of Nauyaan Shipyard from Welspun Corp for Rs 383 crore. This acquisition provides Reliance access to 138 acres of leasehold land in Dahej, Gujarat, near its petrochemical manufacturing site. The land will be utilized to construct facilities for salt storage, brine preparation, and hydrogen electrolyser manufacturing, furthering Reliance's commitment to green hydrogen initiatives. The deal involves the creation of a new entity, Nauyaan Tradings, which will be acquired by Reliance initially before acquiring the majority stake in Nauyaan Shipyard. With this acquisition, Reliance aims to transition from traditional maritime activities to green manufacturing, in line with its establishment of Reliance New Energy in 2023 to venture into the electrolyser sector with plans for facilities producing up to 1 GW of capacity.