Swan Energy takes over management control of Reliance Naval & Engineering
Swan Group is present in the textile, real estate, oil and gas and petrochemical sectors
Swan Energy said on Thursday it has formally taken over management control of Reliance Naval & Engineering.
The company had emerged as the winning bidder in insolvency proceedings.
The National Company Law Tribunal-appointed oversight committee has transferred control of the company's management to Swan Energy with the approval of the creditors' committee, a statement said.
Swan Energy has formed a board with managing director Nikhil Merchant as executive director, and Paresh Merchant and Bhavik Merchant as board members of Reliance Naval.
It will finalize plans to set up a top management structure to oversee Reliance Naval's operations.
A special purpose vehicle – Hazel Infra – offered by Swan Energy had submitted a bid of Rs 2,100 crore for Reliance Naval.
Swan Energy owns 74 percent of Hazel Infra and the remaining 26 percent is owned by Hazel Mercantile, in which Swan is a strategic investor.
The acquisition of Reliance Naval marks the company's entry into the shipbuilding, ship repair and heavy manufacturing industries.
Swan Group is present in the textile, real estate, oil and gas and petrochemical sectors.
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First print: January 4, 2024 | 9:03 PM IST