Swan Energy, the successful resolution applicant for Reliance Naval and Engineering (RNEL), has made a payment of Rs 231.42 crore towards the upfront payment obligations. The payment was made through its special purpose vehicle, Hazel Infra.
The payment is the prelude to the final closure of proceedings pending before the National Company Law Tribunal, while a formal handover of RNEL is expected soon.The company has also sought time till November 15 to make the balance upfront payment of Rs 231.42 crore. This is as per an agreement with the secured financial creditors, Swan Energy said in a statement.
The company is also in the process of changing the name of Reliance Naval, it added.
In 2022, Swan Energy, in partnership with Hazel Mercantile had emerged as the winner to acquire debt-laden RNEL with 95% of the committee of creditors (CoC) approving its resolution plan.
SKIL Infrastructure, promoted by industrialist Nikhil Gandhi, was the original promoter of Pipavav Defence and Offshore Engineering, which was sold to the Reliance ADA Group in 2015 and then renamed as RNEL.
Swan Energy, apart from targeting major contracts from the naval and defence sectors, is also focusing on driving business for commercial vessel manufacturing and for the oil and gas sector.
“In this phase of growth, oil and gas, defence and heavy manufacturing businesses are the major focus areas for us. We are enhancing the shipyard manufacturing capacity to play our part in making India among the top five countries of the world in heavy fabrication – be it in naval, defence or oil and gas, and bridge the current demand-supply gap,” Paresh Merchant, promoter at Swan Energy Group said.
Mumbai-headquartered Swan group is into textile, real estate and oil & gas.
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