Swan Power needed to pay its first instalment of ₹292 crore in March however was given an extension by the chapter tribunal after it paid ₹100 crore to lenders, ET had reported on October 10
Swan Power partnered with decision applicant Hazel Mercantile Ltd by means of its particular objective car – Hazel Infra – to amass RNEL below Insolvency and Chapter Code (IBC). After this cost, RNEL might be handed over to successful bidder Hazel Infra Ltd.
“With this acquisition, Swan Power has firmed up its plan to emerge as the most important personal participant within the business and naval defence vessel manufacturing and ship repairing segments,” the corporate mentioned in an announcement to the media.
“Other than concentrating on main contracts from the naval defence sector, the corporate can also be specializing in driving enterprise for business vessel manufacturing and for the oil and fuel sector,” it added.
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