Swan Energy paid Rs 231.4 crore to lenders, the first full tranche of payment for acquiring Anil Ambani- promoted Reliance Naval and Engineering Ltd in a bankruptcy auction, the company said in a statement to the Bombay Stock Exchange.
Swan Energy had to pay its first instalment of Rs 292 crore in March but was given an extension by the bankruptcy tribunal after it paid Rs 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 Ltd – 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.
“This is a big day for the company and marks a key milestone for our future growth trajectory,” said Paresh Merchant, promoter of Swan Energy Group. “Oil and gas, defence and heavy manufacturing businesses are the major focus areas for us,” he added.
Swan is in the process of raising Rs 1,435 crore preference equity from GCP Inab, a Singapore-based fund, to finance the acquisition.
As per the lender-approved plan, Swan must make payments in six instalments and the second instalment of Rs 313 crore is due in December this year. After that, it must pay Rs 196 crore in December 2024, Rs 188 crore in December 2025, Rs 280 crore in December 2026, and the last instalment of Rs 864 crore in December 2027.
