Swan Vitality Restricted introduced on Thursday that it has rebranded the acquired firm, previously often called Reliance Naval and Engineering Restricted (RNEL), to Swan Defence and Heavy Industries Restricted. The identify change formally took impact on January 02.
Final 12 months, Swan Vitality Ltd acquired the Anil Ambani group firm, Reliance Naval & Engineering (RNEL), with the objective of changing into a number one personal participant within the manufacturing of naval defence and oil and gasoline vessels. Moreover, the corporate goals to determine itself as a serious participant in inexperienced ship-breaking, ship repairing, and a key manufacturing hub within the Asia Pacific area.
The acquisition of RNEL was made doable via a particular goal car created in partnership with businessman Nikhil Service provider, his household, and Hazel Mercantile Ltd. In December 2023, the Nationwide Firm Legislation Tribunal accredited Swan Vitality Ltd’s Rs 2,100-crore bid for RNEL.
Swan Vitality, a diversified enterprise group with investments in oil and gasoline, actual property, and textiles, owns a 74% stake within 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 Vitality Restricted (“SEL”) via a Particular Objective Car, particularly Hazel Infra Restricted (“HIL”) of RNEL via Nationwide Firm Legislation Tribunal (“NCLT”), we want to deliver into the discover of the all involved that, the Identify of RNEL has been modified to “Swan Defence and Heavy Industries Restricted” w.e.f. January 02, 2025,” the corporate stated within the submitting.
On Thursday, shares of Swan Vitality Restricted rose by 3.06% in the course of the intraday session, closing at Rs 742.50 per share. The inventory opened at Rs 721.05, barely increased than the day past’s closing worth of Rs 720.45. Over the previous 52 weeks, the inventory 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 Vitality Restricted (SEL) entered right into a Memorandum of Understanding (MoU) to collaborate in establishing a Particular Objective Car (SPV) and collectively subscribing for fairness shares of the SPV. The partnership goals to leverage the respective strengths of BFIL and SEL to handle the rising calls for within the international railways, defence, and aerospace sectors.
Balu Forge will contribute 40 per cent of the SPV’s preliminary share capital, whereas SEL will present the remaining 60 per cent. With the steering and help of each BFIL and SEL, the SPV will concentrate on exploring alternatives to ship revolutionary merchandise and options tailor-made for heavy industries throughout the defence, aerospace, railway, and nuclear sectors.
