RIL acquires Nauyaan Shipyard to power green hydrogen push

Reliance Industries Limited (RIL) is charting a new course in its green energy ambitions — not by building ships, but by building the future of hydrogen. In a strategic move, RIL has acquired a controlling stake in Nauyaan Shipyard Private Limited (NSPL), gaining access to 138 acres of leasehold land, including foreshore land, near its manufacturing complex in Dahej, Gujarat.

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance Industries, has acquired 100% stake in Nauyaan Tradings Pvt Ltd (NTPL) for ₹1 lakh from Welspun Tradings, a subsidiary of Welspun Corp. Following this, NTPL, as a step-down subsidiary of Reliance, entered a deal to acquire 74% stake in Nauyaan Shipyard Pvt Ltd (NSPL) from Welspun Corp for ₹382.73 crore. In January 2023, Welspun Corp, through its subsidiary NSPL, had acquired ABG’s distressed assets for ₹659 crore, which included 165 acres of land, 1,000 metres of waterfront, and over 160,000 MT of scrap and obsolete ships.

In a filing to the exchanges, RIL has mentioned that the land will be developed into a hub for salt handling, brine preparation, structural fabrication, and, most notably, the manufacturing of hydrogen electrolysers — a pivot from maritime to green manufacturing.

The acquisition is part of a broader plan tied to RIL’s partnership with Norway’s Nel ASA, announced in May 2024. Through this technology licensing agreement, RIL secured the rights to manufacture and deploy Nel’s alkaline electrolyser technology for both domestic use and global captive needs. The two companies will work jointly on improving performance, lowering costs, and refining the technology to make green hydrogen more competitive.

With this momentum, the Dahej site is expected to become a cornerstone in Reliance’s multi-gigawatt electrolyser manufacturing strategy.

RIL’s push is in line with the India’s green hydrogen agenda. In 2023, the Union Cabinet approved the National Green Hydrogen Mission, allocating ₹19,744 crore through FY30 to establish India as a global hub for green hydrogen production and export. The mission targets a domestic production capacity of 5 million metric tonnes per annum by 2030 — a critical step toward reducing fossil fuel imports and cutting greenhouse gas emissions.

Under this mission, the government launched the SIGHT (Strategic Interventions for Green Hydrogen Transition) programme to support domestic electrolyser manufacturing, with an outlay of ₹4,440 crore between FY26 and FY30. As part of the first phase of this programme, the Centre awarded 1,500 MW of electrolyser manufacturing capacity to eight firms, including 300 MW to Reliance Electrolyser Manufacturing Limited (REML).

A 100% subsidiary of Reliance New Energy (which is fully owned by RIL), REML was incorporated in 2023 to spearhead the company’s electrolyser business. It plans to develop greenfield facilities with an initial capacity of 1 GW.

According to Care Ratings, government incentives and favourable policies are expected to boost scale and cost competitiveness for domestic electrolyser makers.