Swan Energy Limited announced on Thursday that it has rebranded the acquired company, formerly known as Reliance Naval and Engineering Limited (RNEL), to Swan Defence and Heavy Industries Limited. The name change officially took effect on January 02.
Last year, Swan Energy Ltd acquired the Anil Ambani group company, Reliance Naval & Engineering (RNEL), with the goal of becoming a leading private player in the manufacturing of naval defence and oil and gas vessels. Additionally, the company aims to establish itself as a major player in green ship-breaking, ship repairing, and a key manufacturing hub in the Asia Pacific region.
The acquisition of RNEL was made possible through a special purpose vehicle created in partnership 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 business group with investments in oil and gas, real estate, and textiles, owns a 74% stake in the SPV, with the remaining share held by Hazel Mercantile.
“In furtherance to our intimations and up-dations in relation to the acquisition by Swan Energy Limited (“SEL”) through a Special Purpose Vehicle, namely Hazel Infra Limited (“HIL”) of RNEL through National Company Law Tribunal (“NCLT”), we wish to bring into the notice of the all concerned that, the Name of RNEL has been changed to “Swan Defence and Heavy Industries Limited” w.e.f. January 02, 2025,” the company said in the filing.
On Thursday, shares of Swan Energy Limited rose by 3.06% during the intraday session, closing at Rs 742.50 per share. The stock opened at Rs 721.05, slightly higher than the previous day’s closing price of Rs 720.45. Over the past 52 weeks, the stock has reached a peak 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 collaborate in establishing a Special Purpose Vehicle (SPV) and jointly subscribing for equity shares of the SPV. The partnership aims to leverage the respective strengths of BFIL and SEL to address the growing demands in the global railways, defence, and aerospace sectors.
Balu Forge will contribute 40 per cent of the SPV’s initial share capital, while SEL will provide the remaining 60 per cent. With the guidance and support of both BFIL and SEL, the SPV will focus on exploring opportunities to deliver innovative products and solutions tailored for heavy industries within the defence, aerospace, railway, and nuclear sectors.