Swan Energy Initiates Rs 231.42 Crore Payment for Reliance Naval Acquisition
Swan Energy, the successful resolution applicant for Reliance Naval and Engineering (RNEL), has fulfilled its upfront payment obligations by transferring Rs 231.42 crore. This transaction was executed through its specialized entity, Hazel Infra.
This payment marks the initial step toward the anticipated conclusion of proceedings pending before the National Company Law Tribunal, with the formal handover of RNEL on the horizon. Swan Energy has additionally requested an extension until November 15 to complete the remaining upfront payment of Rs 231.42 crore, in accordance with an agreement established with secured financial creditors, as stated in Swan Energy's official statement.
The requirement for the upfront payment was imposed by the National Company Law Tribunal's (NCLT) Ahmedabad bench, with the next hearing scheduled for November 22.
Swan Energy is also in the process of rebranding Reliance Naval.
In 2022, Swan Energy, in collaboration with Hazel Mercantile, secured approval from 95% of the Committee of Creditors (CoC) for its resolution plan, making it the winning bidder to acquire the debt-laden RNEL.
Pipavav Defence and Offshore Engineering, originally promoted by SKIL Infrastructure and later acquired by the Reliance ADA Group in 2015 and renamed RNEL, served as the precursor to this development.
Swan Energy's focus extends beyond naval and defense contracts; it also seeks to expand its commercial vessel manufacturing and oil and gas sector businesses.
"In this growth phase, our primary focus areas encompass oil and gas, defense, and heavy manufacturing. We are increasing shipyard manufacturing capacity to position India among the top five global players in heavy fabrication, whether in the naval, defense, or oil and gas sectors, and bridge the existing demand-supply gap," stated Paresh Merchant, a promoter at the Swan Energy Group.
The Swan group, headquartered in Mumbai, engages in diverse sectors, including textiles, real estate, and oil & gas.
