Swan Energy Limited announced on Thursday that it has renamed the acquired company, formerly known as Reliance Naval and Engineering Limited (RNEL), to Swan Defense and Heavy Industries Limited. The name change officially took effect on January 2.
Last year, Swan Energy Ltd. has acquired Anil Ambani Group’s company, Reliance Naval & Engineering (RNEL), with an aim to become a leading private player in the manufacturing of naval defense and oil and gas vessels. Additionally, the company aims to establish itself as a major player in eco-friendly shipbreaking and repair and a key manufacturing hub in the Asia-Pacific region.
The acquisition of RNEL was made possible through a special purpose vehicle created in partnership with businessman Nikhil Merchant, his family and Hazel Mercantile Ltd. In December 2023, the National Company Law Tribunal approved Swan Energy Ltd’s Rs 2,100 crore bid for RNEL.
Swan Energy, a diversified business group with investments in oil and gas, real estate and textiles, holds a 74% stake in the SPV, with the remaining share held by Hazel Mercantile.
“Following our information and updates regarding the acquisition by Swan Energy Limited (“SEL”) through a special purpose vehicle, namely Hazel Infra Limited (“HIL”) of RNEL through the National Company Law Tribunal (“NCLT”). ), we wish to bring to the attention of all concerned that the name of RNEL was changed to “Swan Defense and Heavy Industries Limited” on January 2, 2025,” the company said in the filing.
On Thursday, shares of Swan Energy Limited rose 3.06 per cent during the intraday session, closing at Rs 742.50 per share. The stock opened at Rs 721.05, slightly higher than the previous day’s closing price of Rs 720.45. Over the last 52 weeks, the stock touched a high of Rs 809.70 and a low of Rs 437.80.
In November 2024, Balu Forge Industries Ltd. (BFIL) and Swan Energy Limited (SEL) have entered into a memorandum of understanding (MoU) to collaborate on the creation of a special purpose vehicle (SPV) and joint subscription of shares of the SPV. The partnership aims to leverage the respective strengths of BFIL and SEL to meet the growing demands of the global rail, defense and aerospace sectors.
Balu Forge will contribute 40 percent of the initial share capital of the SPV, while SEL will contribute the remaining 60 percent. With guidance and support from BFIL and SEL, the SPV will focus on exploring opportunities to provide innovative products and solutions suitable for heavy industries in the defence, aerospace, rail and nuclear sectors. .
