Mumbai-headquartered business house Swan Group’s Swan Energy Limited has received the formal handover of management control of Reliance Naval and Engineering from the National Company Law Tribunal (NCLT) -appointed Monitoring Committee.

In December 2022, Swan Energy acquired erstwhile Anil Ambani group company Reliance Naval & Engineering (RNEL), with an aim to turn itself into the biggest private player in the manufacture of naval defence and oil and gas vessels.

In a latest now, NCLT’s 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 Thursday.

In addition, the board has approved the proposal to raise up to ₹4,000 crore and has also made a prepayment of ₹300 crore, debt for its Floating Storage and Regasification Unit project.

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.

Led by businessman Nikhil Merchant and his family, Swan Energy partnered Hazel Mercantile Ltd through a special purpose vehicle (SPV) — Hazel Infra Ltd — to acquire RNEL, the largest shipyard in the country. Swan Energy, a diversified business group with interests in oil and gas, real estate and textiles, holds a 74% stake in the SPV while Hazel Mercantile owns the rest.

Reliance Naval and Engineering Limited (R-Naval), was earlier known as Reliance Defence & Engineering Limited and prior to that as Pipavav Shipyard Limited.

The company is the first private sector company in India to obtain a license and contract to build warships.

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