# NCLT approves Swan Energy plan to acquire Reliance Naval and Engineering

The Ahmedabad bench of NCLT approved the resolution plan by Hazel Mercantile Ltd (with Swan Energy as strategic partner) to acquire Reliance Naval and Engineering Ltd. Hazel Infra Ltd will take over the corporate debtor and subscribe to 50 million fresh equity shares.

- Type: Acquisition
- Announced: 2022-12-28
- Where: India
- Value: $254.0M (21.1B INR)
- Status: completed
- Products: naval and engineering services
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

- [Swan Energy](https://endata.com/companies/3235.md) (acquirer)
- [Hazel Mercantile](https://endata.com/companies/67575.md) (acquirer)
- [Reliance Naval and Engineering](https://endata.com/companies/67576.md) (target)

## Sources

- [cnbctv18.com](https://www.cnbctv18.com/business/companies/nclt-approves-swan-energy-plan-to-acquire-reliance-naval-and-engineering-15538611.htm), 2022-12-29: "Swan Energy Ltd (SEL) on Thursday, December 29, said the Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Hazel Mercantile Ltd (HML) to acquire Reliance Naval and Engineering Ltd (RNEL)."
- [newindianexpress.com](https://www.newindianexpress.com/business/2022/Dec/30/nclt-approves-swan-energys-rs-2100-crore-bid-for-reliance-naval-2533068.html), 2022-12-30: "The National Company Law Tribunal, Ahmedabad (NCLT) has approved the Resolution Plan submitted by Hazel Mercantile Limited (HML) to acquire Reliance Naval and Engineering Ltd (RNEL)."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.