Shipbuilding & Repair Company’s Shipyard Resumes Operations, Successfully Repairs an Indian Coast Guard Vessel
The stock is up by 55 per cent from its 52-week low and gave multibagger returns of 430 per cent in 3 years.
Swan Energy Limited (SEL), a leading global conglomerate with diversified interests in Textile, Real Estate, Oil & Gas and Shipbuilding and Heavy Engineering, announced the resumption of operations at its Shipyard (Reliance Naval and Engineering Limited or RNEL).
Swan’s shipyard has commenced refit of ships at its establishment. Indian Coast Guard’s fast patrol vessel, Raj Ratan, is the first repair project, which began on September 04, 2024. The project was completed ahead of schedule, on November 30, 2024. The refit was executed in association with Sadhav Offshore Engineering Pvt Ltd.
The dry docking and refit of this ship marks a significant milestone in the revival of the Shipyard after SEL took over its management control earlier this year through NCLT. As part of the comprehensive refit of the ICG vessel, Swan’s shipyard provided end-to-end services, including berthing and dry docking, along with critical yard services essential for the vessel’s overhaul. Swan’s Shipyard is also gearing up to commence its shipbuilding operations at the facility.
Swan’s Shipyard boasts the largest dry dock in India, and one of the largest in the world, measuring 662 meters by 65 meters. The dry dock is equipped with a 600-tonne SWL goliath crane. The shipyard also features modern fabrication, piping and painting facilities with a capacity of 12,000 tons per month. Other facilities include a pre-erection berth that is 980 meters long and 40 meters wide for assembling mega blocks and a 350-meter-long, dual berthing quay for afloat fit-out and commissioning of ships.
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Mr Vivek Merchant, Director of Swan’s Shipyard, said “The resumption of operations at our shipyard marks the successful culmination of our dedicated efforts to rejuvenate this strategic facility. Delivering our first Indian Coast Guard vessel underscores our commitment to enhancing India’s ship repair and shipbuilding capabilities. Our vision is to establish our shipyard as a leading maritime hub for the manufacturing of defence and commercial ships and the heavy engineering sector, on a global scale.
The company has a market cap of over Rs 19,000 crore and has delivered good profit growth of 90.6 per cent CAGR over the last 5 years. The stock is up by 55 per cent from its 52-week low and gave multibagger returns of 430 per cent in 3 years. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.