Swan Energy Limited on Thursday announced that the acquired company, formerly known as Reliance Naval and Engineering Limited (RNEL), has been renamed Swan Defense and Heavy Industries Limited. The name change officially took effect on January 2.
last year, Swan Energy Ltd Anil Ambani acquired conglomerate Reliance Naval & Engineering (RNEL) with the aim of becoming a leading private player in naval defense and oil and gas vessel manufacturing. In addition, the company aims to establish itself as a key player in green shipbreaking, ship repair and a major manufacturing hub in the Asia Pacific region.
The acquisition of RNEL was through a special purpose vehicle created in association 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 conglomerate that invests in oil and gas, real estate and textiles, owns 74% of the SPV, with Hazel Mercantile holding the rest.
“For our briefings and updates regarding the acquisition by Swan Energy Limited (“SEL”) of RNEL through a special purpose vehicle called Hazel Infra Limited (“HIL”) through the National Company Law Tribunal (“NCLT”), RNEL Name “Swan Defense & Heavy Industries Limited” on January 02, 2025,” the company said in the filing.
On Thursday, shares of Swan Energy Limited rose 3.06% in the intra-session, closing at Rs 742.50 per share. Share price Rs. In the past 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) entered into a Memorandum of Understanding (MoU) to establish a Special Purpose Vehicle (SPV) and jointly contribute equity stake in the SPV. The partnership aims to leverage the respective strengths of BFIL and SEL to address 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 provide the remaining 60 percent. With guidance and support from both BFIL and SEL, the SPV will focus on exploring opportunities to deliver innovative products and solutions tailored to heavy industries within the defence, aerospace, railway and nuclear sectors.