Reliance Naval & Engineering was renamed Swan Defense & Heavy Industries; Check details

Swan Energy Limited announced on Thursday that it has renamed the acquired company, formerly known as Reliance Naval and Engineering Limited (RNEL), to Swan Defense and Heavy Industries Limited. The name change officially took effect on January 2.

last year, SWAN ENERGY CO., LTD It has acquired Anil Ambani’s group company, Reliance Naval & Engineering (RNEL), with the aim of becoming a leading private player in the manufacturing of naval defense vessels and oil and gas vessels. In addition, the company aims to establish itself as a major player in the ship dismantling and repair industry, and a major 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 conglomerate that invests in oil and gas, real estate and textiles, holds a 74% stake in the SPV, while Hazel Mercantile holds the remaining stake.

“In furtherance of our intimations and updates regarding the acquisition of RNEL by Swan Energy Limited (“SEL”) through a SPV, Hazel Infra Limited (“HIL”) through the National Company Law Tribunal (“NCLT”), we would like to draw the attention of All concerned note that the name of RNEL has been changed to ‘Swan Defense and Heavy Industries Limited’ with effect from January 02, 2025,” the company said in the filing.

Shares of Swan Energy Limited on Thursday rose 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 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) have entered into a Memorandum of Understanding (MoU) to cooperate in establishing a Special Purpose Vehicle (SPV) and jointly subscribe to equity shares of the SPV. The partnership aims to leverage the strengths of BFIL and SEL to meet the growing demands in the global rail, defense and aerospace sectors.

Balu Forge will contribute 40 per cent of the initial capital to the SPV, while SEL will provide the remaining 60 per cent. With the guidance and support of both BFIL and SEL, SPV will focus on exploring opportunities to deliver innovative products and solutions tailored to heavy industries in the defence, aerospace, railway and nuclear sectors.