SWAN CORP LIMITED

Swan Corp Limited was initially incorporated as Swan Mills Limited on February 22, 1909. The name of the Company was changed to Swan Energy Limited in December, 2008 and now has been changed to Swan Corp Limited w.e.f. July 25, 2025. The Company is owned and managed by Dave and Merchant families who took over the company from the J.P. Goenka Group in 1992. The Company has 2 verticals of business i.e., Textiles, Constructions & Others. The BIFR proposal envisaged revival of only the spinning unit -- Swan Mills. In 1993-94, the company started operations in all departments by accepting job work. Nearly 80% of the processing work in the mill is being run on job works. As per the BIFR package, the company disposed excess land owned by it on a commercial basis. The company achieved a turnaround by posting a profit in 1993-94. With the funds available through land sale, the company is carried out a modernisation programme. Through merchant exporters, it started supplying to big retailers in Europe like Marks & Spencers, the UK retailing giant. It also diversified into the manufacture of cuprammoniam rayon yarn by setting up Vini Rayon Industries, a joint venture with the Gujarat Industrial & Investment Corporation. For this, it has tied up with Ralston & Associates, US, to set up a pilot plant near Jagadiah, Gujarat. In Dec'95, BIFR declared that the company is no longer sick and discharged it from its purview. On successful implementation of Voluntary Retirement Scheme, all the manufacturing activities has been suspended as all the operative workers/staff have opted for the scheme. During FY 2014, the SEL acquired a 0.3mn sq. ft. IT Park building in Whitefield, EOIZ Industrial area in Bangalore. This is a ready building with a long term leasing agreement with reputed MNC. During the year 2017, Long Term Terminal User Agreements were signed with Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), ONGC and GSPC for 4.5 MMTPA out of the first phase capacity of 5 MMTPA. Engineering Procurement and Construction (EPC) Contracts for the Port Terminal was finalized and issued during August 2016. After obtaining permission from Gujarat Maritime Board in December 2016, the Site construction activities have started. The EPC contractor completed a major portion of Dredging work and onsite works are on full swing. Letter of Intent has been issued to the EPC Contractor for the Topside during May 2017. SLPL has executed Shareholders Agreement (SHA) on 17th October 2017 with Swan Energy Limited (SEL), Gujarat Maritime Board (GMB), Gujarat State Petronet Limited (GSPL) and FSRU Venture India One Private Limited (FVIOPL), an affiliate of Mitsui OSK Lines (MOL), Japan for equity participation of SLPL. Post execution, all promoters have contributed initial contribution towards equity share capital. Swan LNG Private Ltd. (SLPL) executed Concession Agreement (CA) with Gujarat Maritime Board (GMB) and Government of Gujarat (GoG) for developing FSRU based LNG Port Project on 18th October 2017. With execution of this agreement, SLPL gets exclusive right and authority to develop, finance, design, construct, operate, maintain and provide Port services to the users. The term of the CA is for 30 years from the date of Commencement of Operations, further extendable for a period 20 years on mutually agreed terms and conditions. SLPL, as a Charterer, executed Bare Boat Charter agreement (BBC) with Triumph Offshore Private Limited (TOPL), to charter Floating Storage and Regasification Unit (FSRU) to the company on a long term lease for a period of 20 years in FY18. Triumph Offshore Private Limited (TOPL), subsidiary of SEL executed a Ship Building Contract for construction of 1 FSRU of 1,80,000 Cubic Meter (CBM) storage capacity with M/s Hyundai heavy Industries Company Limited, South Korea (HHICL) in FY18. In FY18, SLPL executed Contract Agreement worth Rs 459 Crore for Engineering, Procurement, Construction and Commissioning (EPCC) of the LNG Terminal Topside Infrastructure for its 5 million metric tonnes per annum (5MMTPA) FSRU based LNG Port Project with M/s Black & Veatch Private Limited (BVPl), a subsidiary of USA company Black & Veatch' (BV). During FY18, SLPL, along with TOPL, executed following agreements with its Project Technical Partner, Mitsui OSK Lines, Tokyo, Japan (MOL) and its 100% subsidiary M/s Regas Venture India One Private Limited (RVIOPL) for India's first LNG dedicated FSRU Port Project at Jafrabad, Gujarat. MOL is a well established& experienced shipping company, specialized in the Operation of LNG carriers (LNG), Floating Storage Units (FSU) and Floating Storage & Re-gasification Units (FSRU)). During the year 2018, the development of Technoya Park, commercial property, located in Gachibowli area of Hyderabad, was completed Thereafter, 50% of the property was sold to another builder and the balance property, comprising 2.92 lakhs sq. ft, was leased out to Mahataa Information India Private Limited. The annual rent of Rs 14 Crores is used for payment of LRD loan from HDFC. In FY 2021, Company set up India's first Greenfield LNG Port Terminal, with the total capacity of 10 MMTPA, at Jafrabad Port in Amreli District of Gujarat, through its two subsidiaries, namely Swan LNG Private Limited (SLPL) and Triumph Offshore Private Limited (TOPL). It took over the delivery of Floang Storage and Regasificaon Unit (FSRU) 'Vasant 1' on 29 September, 2020. Post-delivery of FSRU, it deployed FSRU on charter hire and signed a Time Charter Party Agreement (TCPA) with M/s CNTIC VPower Energy, a Hong Kong based Company, for interim utilization of FSRU as LNG Carrier for the period 01 November, 2020 to 28 February, 2021. On 26 April, 2021, it signed Time Chartered Party Agreement with M/s. TEMA LNG, a Ghana based company to deploy FSRU on charter hire for 270 days. During the year 2023, the Company acquired 55.01% equity shares of M/s Veritas (India) Limited and became subsidiary of the company. Swan Global PTE Limited', 100% subsidiary, incorporated at Singapore has ceased to be subsidiary of the Company with effect from 15-09-2022. The Company acquired Reliance Naval and Engineering Limited through the National Company Law Tribunal process, with control formally transferred in January, 2024, marking its way to the defence and shipbuilding sectors. During the year 2023-24, Reliance Naval and Engineering Limited', being subsidiary of Hazel Infra Limited incorporated at Gujarat, became the step down subsidiary of the company with effect from 7th August, 2024. In FY2025, there was a revival of a private shipyard in the Company's Shipbuilding business, which is now operating under Swan Defence and Heavy Industries Limited (SDHI). Bengaluru residential project received the Occupation Certificate (OC) for Cardinal One for starting the business.