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Swan Energy pays ₹231 cr to acquire Reliance Naval and Engineering

Swan Energy, a Mumbai-based conglomerate, recently acquired Reliance Naval and Engineering through its special purpose vehicle, Hazel Infra, solidifying its position in the commercial and naval defence vessel manufacturing and ship repairing segments. The move aligns with the government’s Atmanirbhar Bharat initiative, emphasizing self-reliance in shipbuilding.

Key Details

Acquisition and Timely Payment

  • Swan Energy successfully completed the acquisition by paying ₹231 crore, well ahead of the November 15 deadline, showcasing its commitment to the venture.

Future Plans and Expansion

  • Swan Energy aims to become the largest private player in naval defence, commercial vessel manufacturing, and ship repairing.
  • The company plans to focus on securing major contracts from the naval defence sector while also catering to the oil and gas industry.
  • This strategic move will significantly enhance India’s heavy fabrication capabilities in naval, defence, and oil and gas sectors, bridging the existing demand-supply gap.

Role in Atmanirbhar Bharat Initiative

  • The acquisition aligns with the Indian government’s Atmanirbhar Bharat push, emphasizing the importance of self-reliance and indigenous production.
  • Swan Energy’s efforts in building self-reliance in the shipbuilding sector are crucial in this context.

Management and Expertise

  • With a new management team in place, Swan Energy is poised to leverage its extensive experience in sectors such as textile, real estate, and oil and gas to excel in the shipbuilding industry.
  • The company’s rich legacy spanning over a century underlines its commitment to serving the nation.

Path to Top Five

  • Swan Energy’s strategic focus on heavy fabrication positions India to be among the top five countries in naval, defence, and oil and gas sectors.
  • This goal reflects the company’s dedication to enhancing India’s global standing in critical industries.

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