Swan Energy makes Rs 50 crore upfront payment

Swan Energy, the successful resolution applicant for Reliance Naval and Engineering (RNEL), has made an upfront payment of Rs 50 crore as per the agreement with the financial creditors.

The upfront payment was released as agreed and consented to by the secured financial creditors, the company said in a regulatory update.

In 2022, Swan Energy, in partnership with Hazel Mercantile, emerged as the winner to acquire the debt-laden RNEL, with 95% of the Committee of Creditors (CoC) approving its resolution plan. The companies had agreed to acquire RNEL through a special purpose vehicle, Hazel Infra.