Swan Energy has received approval from NCLT-appointed Monitoring Committee of Reliance Naval and Engineering to constitute its own board, paving the way for a formal handover of management control.
Swan will set up the board soon with its managing Director Nikhil Merchant, and Executive Directors Paresh Merchant and Bhavik Merchant and Vivek Merchant, among others, as board members.
Post incorporation of the board, Swan will finalise plans to put in place a top management structure to oversee operations.
SEL through its special purpose vehicle Hazel Infra has recently paid ₹231 crore on October 27 as upfront payment obligations of RNEL.
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.
Oil and gas, defence and heavy manufacturing businesses will be the major focus areas for SEL. SEL plans to enhance the shipyard manufacturing capacity to play a part in taking India among the top five countries of the world in heavy fabrication such as naval, defence or oil and gas and bridge the current demand-supply gap.
The National Company Law Tribunal has already approved a ₹2,100-crore bid for RNEL under the Corporate Insolvency Resolution Process made by Hazel Infra.