Swan Energy repays ₹40 crore debt of its textile unit

Swan Group has a presence in the textile, real estate, oil and gas, and petrochemical sectors. Additionally, the recent acquisition of Reliance Naval and Engineering marks its entry into the shipbuilding, ship repairing, and heavy fabrication industry.

Swan Energy has recently made a prepayment of ₹300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore Private (TOPL) to its consortium of senior lenders of the FSRU Project, it added.

Meanwhile, last week the National Company Law Tribunal (NCLT) Ahmedabad gave Swan Energy a one-year extension for the payment of ₹312 crore to lenders of Reliance Naval and Engineering.

As per the resolution plan, the amount was to be paid by December 23, 2023 and is now extended to December 2024, which includes applicable interest, offering additional financial leeway to the company.

Swan Energy, along with Hazel Mercantile, had emerged as the successful resolution applicant for the cash-strapped firm. Swan had submitted a bid of ₹2,133 crore duly approved by the NCLT in December 2022.