Mumbai, March 21 -- Mukesh Ambani-led Reliance Industries Limited (RIL) has announced a new acquisition and investment through its wholly owned subsidiary, Reliance Strategic Business Ventures Limited (RSBVL).

On Thursday, RSBVL acquired a 100% equity stake in Nauyaan Tradings Private Limited (NTPL) from Welspun Tradings, a subsidiary of Welspun Corp, for Rs.1 lakh. With this acquisition, NTPL has become a step-down wholly owned subsidiary of RIL, effective March 20.

Reliance expands into shipbuilding

Following the takeover, NTPL entered into a share purchase agreement with Welspun Corp to acquire a 74% stake in Nauyaan Shipyard Private Limited (NSPL) for Rs.382.73 crore. The shipyard has an enterprise value of Rs.643.78 crore, with to...