New Delhi: One of the world’s richest men, Mukesh Ambani’s company Reliance, has equipped a 74% stake in Nauyaan Shipyard Pvt Ltd from Welspun Corp Ltd. Reliance Strategic Business Ventures Ltd., which is a wholly owned unit of Reliance Industries acquired the company for Rs 382.73 crore. In September 2022, Welspun Corp, via NAuyaan Shipyard, purchased the Dahej shipyard from the insolvent ABG Shipyard Ltd in a private transaction under bankruptcy regulations, for Rs 659 crore. And by this Mukesh Ambani has taken a better game-changing decision by which they get much profit and that get much benefit for the company Reliance.
If we discuss the actual value of Nauyaan Shipyard is around Rs 643.78 crore with additional debts and liabilities of Rs 126.57 and the total equity value amounts to Rs 517.21 crore, and the NSPL they have set it to settle for the Rs 93.66 crore which is owed to Welspun Corp. The Welspun Corp decision to sell a 74% stake in its shipyard to a subsidiary of Reliance Industries has sparked supposition in the shipbuilding sector regarding Mukesh Ambani’s potential to buy this interest in entering the shipbuilding and this is what Anil Ambani had done in the past and they have trying to credit facility scheme and giving with proper guidance of the position of the domestic shipbuilding with the new financial scheme.
There is ship recycling, with a Maritime Development Fund of Rs 25,000 crore. Mukesh Ambani’s brother Anil Ambani bought the Reliance ADA Group which was acquired by the Pipava Shipyard, which was bankrupt for some years and after that, they acquired Hazel Infra Ltd for Rs 2,100 crore. The Nauyaan Shipyard is located in Dahej and was owned by the Reliance manufacturing facility, which was previously state-owned Indian Petrochemicals Corporation Ltd before being sold to the Reliance Industries in 2002 as part of government disinvestment and in 2007 the Indian Petrochemicals Corporation Ltd was integrated into Reliance Industries.
The owner of the Shipyard which is located on the western coast the whether they would use it for something else or whether they would enter the shipbuilding this is the main question they said and they also stated that Reliance might use this anything and they got in waterfront and they have got this in very good price in the market that was said by them. Reliance speculations of shipbuilding say that the land of the shipyard might used for additional activities such as salt handling, storage, and brine preparation facilities. The Shipbuilding sector questioned why Reliance Industries chose to purchase the yard from Welspun Corp rather than acquiring it directly through the Insolvency and Bankruptcy Code.
