Business
Reliance Secures 74% Ownership in Nauyaan Shipyard
“We would like to inform that Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of the company, has acquired a 100% equity stake in Nauyaan Tradings Private Limited (NTPL) from Welspun Tradings Limited, a wholly owned subsidiary of Welspun Corp Limited (WCL) for a total consideration of Rs 1,00,000,” said the company in its regulatory filing to the stock exchange.
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Following the acquisition, NTPL has signed a share purchase agreement with Welspun Corp Limited (WCL) to obtain a 74% equity stake in Nauyaan Shipyard (NSPL) for Rs 382.73 crore. This transaction values NSPL’s equity at Rs 517.21 crore, with an overall enterprise value of Rs 643.78 crore and total liabilities amounting to Rs 126.57 crore. NSPL is also expected to address a liability of Rs 93.66 crore owed to WCL.
Established in July 2021, Nauyaan Shipyard has leasehold rights to approximately 138 acres of land near Reliance’s Dahej manufacturing coastal facility. The land is intended for various activities, such as salt handling, storage, brine preparation, engineering fabrication of structures, and manufacturing hydrogen electrolysers, as noted in the RIL statement.
The acquisition of Nauyaan Shipyard aligns with a broader strategy in connection with RIL’s partnership with Norway’s Nel ASA, announced in May 2024. Through a technology licensing agreement, RIL obtained the rights to manufacture and implement Nel’s alkaline electrolyser technology for domestic and global markets.
Nauyaan Shipyard’s location in Dahej is anticipated to propel Reliance’s strategy for multi-gigawatt electrolyser manufacturing, supporting India’s green hydrogen agenda. In 2023, the Union Cabinet approved the National Green Hydrogen Mission, designating Rs 19,744 crore through FY30 to position India as a global hub for green hydrogen production and export.
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Business
Fuel Prices Hiked by Rs.3 per Litre across India
New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.
After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs Rs.94.10 per litre.
The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.
The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.
READ MORE :Two Final-Year Engineering Students Drown in Bhadra Canal
Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.
Business
Gold Prices Rise in Mangaluru; Demand for Ornaments Remains Strong
Mangaluru: Gold prices in the coastal city of Mangaluru have been reported at high levels today. The rate for 24 karat gold (99.9% purity) stands at Rs.14,962 per gram. The price for 22 karat gold (91.6% purity) is Rs.13,715 per gram. Meanwhile, 18 karat gold (75% purity) is being sold at Rs.11,222 per gram.
Mangaluru is well known for its deep cultural connection with gold. The city has a long tradition of buying and wearing gold ornaments. This tradition continues strongly even today.
Local jewellers say that demand for gold remains steady despite high prices. Many people still prefer to invest in gold for safety and long-term value. Gold is also an important part of weddings and festivals in the region.
Apart from its love for seafood, Mangaluru is also famous for its gold market. The gold trade in the city has a long history and continues to grow.
READ MORE :Mango Sheera Emerges as a Popular Summer Dessert
Buyers are advised to check the latest rates before making a purchase. They can also use a gold rate calculator to get exact pricing based on weight and purity.
Experts say that gold prices may change depending on global market trends. Customers should stay updated and make careful decisions while buying gold.
Business
Pune FDA Seizes 3,800 Kg of Adulterated Mango Pulp in Major Crackdown
In a major action against food adulteration, the Food and Drug Administration (FDA) in Pune has seized over 3,800 kilograms of mango pulp mixed with unsafe food colours.
The raid was carried out after officials received confidential information about illegal production activities in the district. Acting quickly, an FDA team traced the source to a manufacturing unit in Urse village in Maval taluka.
During the inspection, officers found that the mango pulp was being prepared using unauthorised food colours and other banned substances. These materials are not allowed under food safety rules and can be harmful to consumers.
The unit was reportedly operated by Mohammad Ekramul, also known as Akram Gulam. Authorities said the facility was violating multiple food safety regulations.
Officials immediately seized the adulterated stock and stopped further production at the site. The FDA has also begun investigating the supply chain to identify where the products were being distributed.
READ MORE:98-Year-Old Nani Turns Entrepreneur, Inspires Millions With Gujarati Snacks
Authorities warned that strict action will be taken against those involved in food adulteration. They also urged the public to stay cautious while buying food products, especially during the mango season.
Further investigation into the case is currently underway.
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