Swan Energy Limited (SEL) is an India-based company with diversified business interests across the energy, infrastructure, and textile sectors. Headquartered in Mumbai, the company has a long-standing presence in the Indian industrial landscape and has been actively expanding its operations into strategic growth areas such as liquefied natural gas (LNG), defence manufacturing, and renewable energy.
Swan Energy Limited announced on 2 January 2024 that it has rebranded the acquired company, formerly known as Reliance Naval and Engineering Limited (RNEL), as Swan Defence and Heavy Industries Limited. The name change officially took effect on 2 January.
The acquisition of RNEL was facilitated through a special-purpose vehicle formed 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 ₹2,100-crore bid for RNEL.
“In furtherance to our intimations and updates regarding the acquisition by Swan Energy Limited (‘SEL’) through a Special Purpose Vehicle, namely Hazel Infra Limited (‘HIL’), of RNEL via the National Company Law Tribunal (‘NCLT’), we wish to notify all concerned parties that the name of RNEL has been changed to ‘Swan Defence and Heavy Industries Limited’ with effect from 2 January 2025,” the company stated in its filing.
In November 2024, Balu Forge Industries Ltd (BFIL) and Swan Energy Limited (SEL) signed a Memorandum of Understanding (MoU) to collaborate on the creation of a Special Purpose Vehicle (SPV) and jointly subscribe to the SPV’s equity shares. The partnership aims to combine the respective strengths of BFIL and SEL to meet the increasing demands of the global railways, defence, and aerospace sectors.
Balu Forge will contribute 40% of the SPV’s initial share capital, while SEL will provide the remaining 60%. Under the guidance and support of BFIL and SEL, the SPV will focus on developing innovative products and solutions tailored for heavy industries in the defence, aerospace, railway, and nuclear sectors.
Swan Energy Limited shares were traded at ₹759.40 per share on NSE, at 3:00 PM on January 3, 2025.
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