Swan Energy Limited: Anil Ambani’s company has undergone a name change. Starting from the new year, it will be known by a new name. We are talking about Reliance Naval and Engineering Limited (RNEL).
Swan Energy Limited announced through an exchange filing that it has changed the name of the acquired company, Reliance Naval and Engineering Limited (RNEL), to Swan Defense and Heavy Industries Limited. This name change took effect from January 2, 2025. It is important to note that Swan Energy Limited completed the acquisition of Anil Ambani’s company, Reliance Naval and Engineering, last year. Trading of shares of Reliance Naval and Engineering has been suspended on the BSE, with the last recorded share price at ₹2.27.
What Are the Details?
Last year, Swan Energy Limited acquired the company formerly known as Reliance Naval and Engineering (RNEL) from Anil Ambani’s group. With this acquisition, Swan Energy aims to position itself as the largest private player in naval defense and oil and gas vessel construction. The company also intends to become the largest player in green ship-breaking, ship repairs, and a global manufacturing hub in the Asia-Pacific region.
Swan Energy partnered with businessman Nikhil Merchant and his family, along with Hazel Mercantile Limited, to acquire RNEL through a special purpose vehicle (SPV). In December 2023, the National Company Law Tribunal approved a ₹2,100 crore bid for RNEL. Swan Energy holds a 74% stake in the SPV, while Hazel Mercantile owns the remaining share.
Stock Update
Swan Energy Limited’s shares rose by more than 2% in early trading on Friday, reaching ₹758.75. The stock’s 52-week high stands at ₹809.70, while the 52-week low is ₹437.80.
My name is Akash Yadav, and I am passionate about the world of stock market trading. With over three years of hands-on experience in trading, I have gained a wealth of knowledge and insights into the ever-evolving financial markets.
As a B.Com graduate with a Post Graduate Diploma in Computer Applications (PGDCA), I have combined my educational background with practical trading skills to navigate the complexities of the stock market successfully. My journey in trading has been filled with learning, growth, and numerous experiences that have shaped my understanding of the market dynamics.