Swan Energy repays debt of Rs 40 crore towards its fund-based facilities of textile business

Swan Energy repays debt of Rs 40 crore towards its fund-based facilities of textile business

Swan Energy Limited announced that it has made a repayment of debt of Rs 40 crore towards its entire fund-based facilities of textile unit to the consortium of banks led by Union Bank of India. The consortium of banks comprises Union Bank of India, Bank of Baroda, Punjab National Bank and Mehsana.

“This move is a part of Swan Energy’s commitment to significantly reduce the debt position in its books. The debt repayment demonstrates Swan Energy’s goal to further strengthen the financial position by efficiently managing the financial obligations,” the company said in a statement.

Swan Energy Limited has recently made a prepayment of Rs 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore Private Limited (TOPL) to its consortium of senior lenders of FSRU Project.

The FSRU vessel was commissioned in February 2023, which represents India’s first new build FSRU initiative, embodying Swan Energy’s leadership in ushering transformative developments in the LNG sector.