Swan Energy makes part payment for Reliance Naval
Swan Energy paid ₹231.4 crore to lenders, the first full tranche of payment for acquiring Anil Ambani- promoted Reliance Naval and Engineering in a bankruptcy auction, the company said in a statement to the Bombay Stock Exchange.
Swan Energy had to pay its first instalment of ₹292 crore in March but was given an extension by the bankruptcy tribunal after it paid ₹100 crore to lenders, ET had reported on October 10
Swan Energy partnered with resolution applicant Hazel Mercantile Ltd through its special purpose vehicle — Hazel Infra — to acquire RNEL under Insolvency and Bankruptcy Code (IBC).
After this payment, RNEL will be handed over to winning bidder Hazel Infra Ltd.
«With this acquisition, Swan Energy has firmed up its plan to emerge as the biggest private player in the commercial and naval defence vessel manufacturing and ship repairing segments,» the company said in a statement to the media.
«Apart from targeting major contracts from the naval defence sector, the company is also focusing on driving business for commercial vessel manufacturing and for the oil and gas sector,» it added.
