Swan Energy receives Reliance Naval management control handover from the monitoring committee

Swan Energy receives Reliance Naval management control handover from the monitoring committee

Swan Energy Limited announced that it has received the formal handover of management control of Reliance Naval and Engineering Limited (RNEL) from the National Company Law Tribunal (NCLT)-appointed Monitoring Committee. “The Monitoring Committee has handed over the management control with the approval of all the Committee of Creditors members and the committee now stands dissolved with effect from January 4, 2024,” the company said in a statement.

Swan Energy has set up the board with its Managing Director Nikhil Merchant, Executive Director Paresh Merchant and Bhavik Merchant and Vivek Merchant, among others, as members. SEL will finalise plans to put in place a top management structure to oversee operations.

Swan Energy is a strategic investor of Successful Resolution Applicant (SRA), i.e., Hazel Mercantile Limited (HML), through a Special Purpose Vehicle, Hazel Infra Limited (HIL) which acquired RNEL. The NCLT approved a ~Rs 2100-crore bid for RNEL under the Corporate Insolvency Resolution Process (CIRP) made by HIL which is an SPV of Swan Energy (74 per cent) and Hazel Mercantile Ltd (26 per cent).

Swan Group has presence in the textile, real estate, oil and gas and petrochemical sectors. Additionally, the recent acquisition of Reliance Naval and Engineering Limited marks its entry into the shipbuilding, ship repairing and heavy fabrication industry.