Swan Energy has made a prepayment of Rs 300-crore debt for its Floating Storage and Regasification Unit (FSRU) Project.
The company made the debt prepayment out of its internal accruals, through its subsidiary Triumph Offshore. TOPL also created the required Debt Service Retention Account of Rs 95 crore.
The FSRU vessel was commissioned in February 2023. It represents India’s first new build FSRU initiative, embodying Swan Energy’s leadership in ushering transformative developments in the LNG sector.
Swan Group has a presence in the textile, real estate, oil and gas and petrochemical sectors. Additionally, the recent acquisition of Reliance Naval and Engineering Ltd marks its entry into the ship-building, ship repairing and the heavy fabrication industry.
Last week, the company received a one-year extension on payment of the second tranche of ₹312 crore due to Reliance Naval and Engineering lenders. According to the Resolution Plan, the company was to pay the dues to lenders this month.
However, NCLT has approved a one-year extension for paying the dues, along with applicable interest and the new deadline now will be December 23, 2024.