Swan Defence and Heavy Industries Limited

{{Coord|20.922351|71.499571|type:landmark_scale:15000|display=title}}

{{Infobox company

| name = Swan Defence and Heavy Industries Limited

| logo = Swan Defence and Heavy Industries Limited.svg

| image_caption = Golden Suek, a 74,500 DWT ship built by the company in 2011

| former_name = {{ubl|Pipavav Shipyard Limited|Pipavav Defence and Offshore Engineering Company Limited|Reliance Defence and Engineering Limited|Reliance Naval and Engineering Limited}}

| type = Public

| traded_as = {{BSE|533107}}
{{NSE|SWANDEF}}

| foundation = {{Start date and age|1997|10|17|df=yes}}

| location_city = Pipavav Port, Rajula, Amreli district, Gujarat

| location_country = India

| area_served = Worldwide

| founders = Nikhil Prataprai Gandhi
Bhavesh Prataprai Gandhi

| key_people = Nikhil Merchant
{{small|(Chairman and Managing Director)}}

| industry = {{ubl||FPSO|Shipbuilding|Heavy industry|Defence}}

| products =

| services = Ships & offshore Platforms, Pressure Vessels Design, construction, repair and conversion

| revenue = {{loss}} {{INRConvert|14.13|b}} (2018){{cite web|url=https://www.rnaval.co.in/documents/1365184/1372035/RNaval_AR_2017-18.pdf|title=Financial Results, Q1 2014–15|publisher=pipavav defence and offshore engineering company limited|access-date=14 August 2014|url-status=dead|archive-url=https://web.archive.org/web/20141104101307/http://www.pipavavdoc.com/index.php/investors/financial-results-Q1-2014-2015.pdf|archive-date=4 November 2014}}

| operating_income =

| net_income = {{loss}} {{INRConvert|-9.56|b}} (2018)

| assets = {{loss}} {{INRConvert|99.4|b}} (2018)

| equity =

| num_employees = 367 (March 2018)

| parent =

| divisions =

| subsid =

| caption =

| homepage = {{URL|https://sdhi.co.in/}}

| footnotes =

| intl =

}}

Swan Defence and Heavy Industries Limited formerly known as Reliance Naval and Engineering Limited, Reliance Defence & Engineering Limited and prior to that as Pipavav Shipyard Limited (PSL) and Pipavav Defence & Offshore Engineering Company Limited{{Cite news| url=https://economictimes.indiatimes.com/markets/stocks/news/swan-defence-shares-re-list-on-stock-exchanges-up-5-after-listing/articleshow/117388734.cms |title=Swan Defence shares re-list on stock exchanges, up 5% after listing |last=Sharma |first= Riya |date=20 January 2025 |newspaper=The Economic Times |access-date=27 February 2025}}{{cite web |url=http://economictimes.indiatimes.com/news/defence/reliance-defence-is-now-reliance-naval-and-engineering-limited/articleshow/60423001.cms |title=Reliance Naval and Engineering Limited: Reliance Defence is now Reliance Naval and Engineering Limited |website=The Economic Times |access-date=15 January 2022 |archive-url=https://web.archive.org/web/20170909131350/http://economictimes.indiatimes.com/news/defence/reliance-defence-is-now-reliance-naval-and-engineering-limited/articleshow/60423001.cms |archive-date=9 September 2017 |url-status=dead}} is an Indian shipbuilding and heavy industry company. The shipyard is located near the village of Pipavav in Gujarat, at a distance of 90 km South of Amreli, 15 km South of Rajula and 140 km South West of Bhavnagar. The company was the first private sector company in India to obtain a license and contract to build warships and owns the largest shipyard in India.{{cite web | url=https://shipyards.gr/shipyards/new-buildings/newbuilding-india-arabian/newbuilding-india-arabian-sea/pipavav-shipyard-india | title=Pipavav Shipyard India }}{{cite web | url=https://www.marineinsight.com/naval-architecture/largest-dry-docks/ | title=Top 10 Largest Dry Docks in the World | date=8 April 2022 }}{{Cite web |title=Skillgroup Official |url=https://www.skilgroup.co.in/shipyard-offshore-engineering-facilities |access-date=2024-04-21 |website=skilgroup.co.in}}

History

Pipavav Shipyard Limited was the original company.

=Joint ventures=

On 12 September 2011, it was announced that Pipavav Shipyard entered a joint venture with Mazagon Dock Limited to collaborately build warships and submarines using Pipavav's facilities. The deal was intended to free up the congested order book of Mazagon shipyard and to give Pipavav a much needed boost in defence shipbuilding.{{cite news |url= http://profit.ndtv.com/news/show/pipavav-mazagaon-dock-to-set-up-jv-to-build-warships-for-indian-navy-177197 |title=JV Pipavav Mazagon|publisher= NDTV India|date=11 September 2011|access-date=13 September 2011}}

In February 2014, Pipavav announced a joint venture with Atlas Elektronik to build Heavy Weight Torpedoes.{{cite news |url= http://www.indiastrategic.in/topstories3180_Pipavav_defence_partner_Atlas_Elektronik.htm |title=JV Pipavav Atlas Elektronik |publisher= India Strategic |date=7 February 2015 |access-date=7 February 2015}}

=Debt restructuring=

On 26 March 2015, Pipavav Shipyard successfully implemented debt restructuring by raising additional debt of INR 5,500 crore resulting in total debt line in excess of INR 12,000 crore (about US$2 billion).{{Cite web|url=https://www.livemint.com/Companies/7uXxyeWSGtCRTqklLuAraM/Pipavav-Defence-set-to-restructure-Rs7600-crore-debt-under.html|title=Pipavav Defence set to restructure Rs 7,600 crore debt under CDR|first=Vishwanath|last=Nair|date=25 March 2015|newspaper=Mint}}

=Reliance=

17.66 per cent of Pipavav Shipyard was acquired by Reliance Infrastructure Limited on 5 March 2015 in a US$130 mln deal.{{cite news|url=http://in.reuters.com/article/pipavav-defence-reliance-infrast-stake-idINKBN0M01KT20150304|archive-url=https://web.archive.org/web/20151208224102/http://in.reuters.com/article/pipavav-defence-reliance-infrast-stake-idINKBN0M01KT20150304|url-status=dead|archive-date=8 December 2015|title=Reliance Infra to take control of Pipavav Defence in $130 mln deal|agency=Reuters|date=4 March 2015|access-date=5 March 2015}} Subsequently, Reliance Infrastructure launched an open offer to acquire additional shares to control 25.1 per cent of the company. After the open offer was completed, Reliance Infrastructure held 36.5% equity in Pipavav Shipyard and Anil Ambani was appointed as the chairman.{{Cite news|url=https://economictimes.indiatimes.com/news/defence/anil-ambani-chairman-of-pipavav-defence-after-rinfra-takes-control/articleshow/50627374.cms|title=Anil Ambani chairman of Pipavav Defence after RInfra takes control|first=Rachita|last=Prasad|newspaper=The Economic Times|date=19 January 2016 }}

The company was renamed to Reliance Defence and Engineering on 3 March 2016 and again renamed to Reliance Naval and Engineering Limited on 6 September 2017.{{Cite news|url=http://www.thehindu.com/business/Industry/reliance-defence-and-engineering-limited-is-renamed-r-navel/article19645496.ece|title=Reliance Defence and Engineering Limited is renamed R-NAVEL|date=2017-09-08|work=The Hindu|access-date=2018-05-18|issn=0971-751X}}

In January 2020 Reliance Naval triggered a corporate insolvency process by defaulting on bank loan payments.{{Cite news |date=2023-07-05 |title=Reliance Naval and Engineering to cancel shares of existing shareholders |url=https://insolvencytracker.in/2023/07/05/reliance-naval-and-engineering-to-cancel-shares-of-existing-shareholders |access-date=2024-10-15 |website=Insolvency Tracker}}

=Swan Energy=

Swan Energy Limited, in partnership with Hazel Mercantile Limited, acquired Reliance Naval and Engineering Limited following the approval of their corporate insolvency resolution plan by the National Company Law Tribunal on 23 December 2022, as dictated by the applicable laws. {{Cite web |url=https://www.cnbctv18.com/business/companies/nclt-approves-swan-energy-plan-to-acquire-reliance-naval-and-engineering-15538611.htm |title=NCLT approves Swan Energy plan to acquire Reliance Naval and Engineering |date=29 December 2022 |website=CNBCTV18.com |publisher=TV18 Broadcast Limited}} As part of the acquisition,{{Cite web|url=https://www.thehindubusinessline.com/news/swan-energy-gets-nod-to-set-up-reliance-naval-board/article67618972.ece|title=Swan Energy gets nod to set up Reliance Naval board|date=8 December 2023|newspaper=Hindu Business Line}} a new board of directors was appointed on 8 December 2023, and Swan Energy's management officially took over control of the company on 4 January 2024. All actions related to the acquisition proceeded in line with the approved resolution plan.

In January 2025 the new name Swan Defence and Heavy Industries Limited became effective and the company relisted on the Indian stock exchanges.

Ships built by the company

Golden Brilliant
Golden Bull
Golden Suek
Golden Diamond
Golden Amber
Golden Ruby

Shipyard facilities

The shipyard is located in Port Pipavav and spreads over {{convert|500|acre|km2}}.{{cite web|url=http://www.pipavavshipyard.com/overview.html |title=Overview |publisher=Pipavav Shipyard Limited |access-date=3 February 2011}} It has access to over 720 meters of exclusive waterfront. The shipyard has the largest drydock in India.{{Cite news |last=Faridi |first=Shahid |date=2022-03-09 |title=Pipavav Shipyard may be sold by March 10; lenders stare at 90-95% haircut |url=https://www.newindianexpress.com/business/2022/Mar/08/pipavav-shipyard-may-be-sold-by-march-10-lenders-stare-at-90-95-haircut-2427997.html |access-date=2024-04-21 |website=The New Indian Express |language=en}}

Its dry dock is 640 meters in length and is 65 meters in breadth, It can accommodate ships up to 400,000 tonnes DWT. Two Goliath cranes with a span of 140 meters & height of 85 meters together capable of handling ship blocks of up to 1200 tonnes, and two Level Luffing cranes service the dry dock. There is a 300 meter long quay, with the capacity for berthing on both sides, adequate draft and serviced by a Level Luffing crane, which facilitates afloat fit-out and commissioning of ships, including afloat repairs. The entrance of the dry dock also has a 100 meter extension track for the Goliath cranes for unloading heavy machinery and equipment weighing up to 1200 tonnes directly from ships and heavy lift barges.{{cite web |url=http://www.pipavavshipyard.com/news.asp |title=In the News |publisher=Pipavav Shipyard Limited |date=20 September 2007 |access-date=11 September 2011}}

Achievements and orders

In June 2010, PSL was awarded a {{INRConvert|26|b}} contract to build five offshore patrol vessels for the Indian Navy.{{cite news|url=http://articles.economictimes.indiatimes.com/2010-06-07/news/27599411_1_pipavav-shipyard-navy-deal-navy-order|archive-url=https://web.archive.org/web/20110812035401/http://articles.economictimes.indiatimes.com/2010-06-07/news/27599411_1_pipavav-shipyard-navy-deal-navy-order|url-status=dead|archive-date=12 August 2011|title=Pipavav bags Rs 2,600-cr Navy deal|work=The Economic Times|date=7 June 2010|access-date=11 September 2011}}

In July 2015, Pipavav Shipyard was chosen for a 'Make in India' naval frigate order. The order value exceeds more than US$3 bn. This order is being termed as the private sector's biggest-ever warship-building project.{{Cite news|url=https://economictimes.indiatimes.com/news/defence/biggest-warship-project-russia-selects-anil-ambanis-pipavav-to-make-frigates-for-indian-navy/articleshow/48091024.cms|title=Biggest warship project: Russia selects Anil Ambani's Pipavav to make frigates for Indian Navy|first=Manu|last=Pubby|newspaper=The Economic Times|date=14 July 2018 }}

On 13 February 2017, Reliance Defence and Engineering Limited signed the Master Ship Repair Agreement with the US Navy to maintain the vessels of its Seventh Fleet operating in the region, with the company estimating revenues of about Rs 15,000 crore ($2 billion) over next 3 to 5 years. The Seventh Fleet's area of responsibility included the Western Pacific and Indian Ocean and at any given time there were roughly 140 ships and submarines, 5070 aircraft and approximately 20,000 sailors under its command. Prior to this agreement, these vessels visited Singapore or Japan for such works.

{{cite news|url=http://www.hindustantimes.com/business-news/reliance-defence-signs-warship-repair-pact-with-us-navy/story-YQD4Q27fyCwxRaXQbl3xnK.html |title=Reliance Defence signs warship repair pact with US Navy |date=13 February 2017 |newspaper=The Hindustan Times}}

As of 2024, the company has delivered five 74,500 DWT Panamax bulk carrier vessels since the start of commercial operations in June 2012.{{Cite web |url=https://www.rnaval.co.in/commerical-shipbuilding.html |title=Commercial Shipbuilding |publisher=Reliance Naval & Engineering Limited |access-date=12 December 2024}}