Reliance Naval & Engineering renamed as Swan Defence & Heavy Industries; check details

Swan Energy Limited on Thursday announced that it has rebranded the acquired company, formerly known as Reliance Naval and Engineering Limited (RNEL), as Swan Defense and Heavy Industries Limited, effective January 2.

last year, Swan Energy Ltd has acquired Anil Ambani group’s Reliance Naval & Engineering (RNEL) with an aim to become a leading private player in naval defense and oil and gas vessel manufacturing.In addition, the company aims to establish itself as a major player in green shipbreaking, ship repair and major in the Asia Pacific region. in the production node.

The acquisition of RNEL was made possible through a special purpose vehicle set up by 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. for

Swan Energy, a diversified business group that invests in oil and gas, real estate and textiles, has a 74% stake in the SPV, with Hazel Mercantile holding the rest.

“In addition to our information and updates regarding the acquisition by Swan Energy Limited (“SEL”) of a special purpose vehicle namely Hazel Infra Limited (“HIL”) RNEL through the National Company Law Tribunal (“NCLT”) ): ), we wish to inform all concerned that the name of RNEL has been changed to “Swan Protection and Heavy Industries Limited” effective January 2, 2025,” the company said in a statement.

Shares of Swan Energy Limited rose 3.06% during the intraday session to close at Rs 742.50 per share on Thursday.The stock opened at Rs 721.05, marginally higher than the previous day’s closing price of Rs 720. .45 in the past 52 weeks, the stock touched a high of Rs.809.70 and 437.80 as low as Rs.

In November 2024, Balu Forge Industries Ltd. (BFIL) and Swan Energy Limited (SEL) signed an MoU to collaborate for the establishment of a Special Purpose Vehicle (SPV) and joint subscription of shares in the SPV.The partnership aims to leverage BFIL and SEL’s respective strengths to address the growing demands in the global railway, defense and aerospace industries.

Balu Forge will contribute 40 percent of the initial equity capital of the SPV and SEL will provide the remaining 60 percent. Led and supported by BFIL and SEL, the SPV will focus on innovative tailor-made for heavy industries in the defense, aerospace, railway and nuclear sectors. on exploring opportunities to provide products and solutions.