Swan Energy, through its special purpose vehicle Hazel Infra, paid ₹231 crore on Friday to acquire Reliance Naval and Engineering before the deadline of November 15.
The next hearing of National Company Law Tribunal in this case is scheduled for November 22. The company is set to initiate the process for name change soon..
With this acquisition, Swan Energy has firmed up plans to emerge as the biggest private player in the commercial and naval defence vessel manufacturing and ship repairing segments. Apart from targeting major contracts from the naval defence sector, the company is also focussing on driving business for commercial vessel manufacturing and for the oil and gas sector.
Earlier, the secured financial creditors had agreed to Swan Energy’s request for making the payment by November 15, but the company deposited the amount on Friday ahead of the deadline.
The largest shipyard in India with a new management in place is set to play a major role in building self-reliance in the shipbuilding sector, in line with the government’s Atmanirbhar Bharat push.
Paresh Merchant, Promoter, Swan Energy Group, said in this phase of growth, the oil and gas, defence and heavy manufacturing businesses are the major focus areas, and will enhance the shipyard manufacturing capacity to make India feature among the top five countries in heavy fabrication in naval, defence and oil and gas, to bridge the current demand-supply gap.
The Mumbai-based Swan Group is among leading private sector business houses serving the nation for more than a century across textile, real estate and oil and gas sectors.