- Swan Energy announces merger of subsidiaries Triumph Offshore into Reliance Naval and Engineering.
- Merger aims to consolidate operations and create a competitive global entity in shipbuilding and heavy engineering.
- Requires approval from NCLT, SEBI, and stock exchanges.
Swan Energy has revealed plans to merge its subsidiaries, Triumph Offshore and Reliance Naval and Engineering. Triumph Offshore, a wholly owned subsidiary, will be integrated into Reliance Naval, a step-down subsidiary. The merger seeks to consolidate the company’s operations and streamline activities under a single entity.
As part of the deal, Reliance Naval will issue 1,325 redeemable preference shares to Triumph Offshore shareholders for every 1,000 shares held. Triumph Offshore will be dissolved post-merger without affecting Reliance Naval’s existing shareholding structure. The process is subject to approvals from the National Company Law Tribunal (NCLT), Securities and Exchange Board of India (SEBI), and stock exchanges.
Swan Energy aims to create a more competitive and diversified company capable of catering to rising demand in naval defense, energy infrastructure, and commercial shipping. The merger will enhance operational efficiency and help Swan Energy position itself as a global player in shipbuilding and heavy engineering.
Reliance Naval, formerly owned by Anil Ambani, was acquired by Swan Energy through an NCLT resolution plan and is expected to benefit from the consolidation. Swan Energy reported a net profit of ₹1.22 crore for Q2 FY24, with shares closing 11.55% higher at ₹589 on the NSE on Friday.
