Reliance Naval & Engineering renamed as Swan Defence & Heavy Industries; check details

Swan Energy Limited rebranded the acquired company, RNEL, to Swan Defence and Heavy Industries Limited, effective January 02, aiming to establish itself as a key player in naval defence and oil and gas vessel manufacturing. The acquisition was made possible through a partnership with Nikhil Merchant and Hazel Mercantile, with Swan Energy owning a 74% stake in the SPV. The company’s stock rose by 3.06% on Thursday, with plans to collaborate with Balu Forge Industries Ltd. to address demands in the global railways, defence, and aerospace sectors.

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