Swan Defence & Heavy Industries, formerly Pipavav, relists on Indian exchanges

Following the re-opening of the yard, Swan Defence & Heavy Industries – previously Reliance Naval & Engineering, and Pipavav Shipyard – has been relisted on National Stock Exchange of India (NSE) and BSE (formerly Bombay Stock Exchange).

Now majority co-owned by Mumbai’s Swan Energy, the yard is India’s largest, equipped with a 662m by 65m drydock, 295m of which are specifically earmarked for ship repair; a 350m dual-berthing quay for afloat repairs and fit-out; and a 600-tonne crane.

The yard has been revived after going into bankruptcy in 2019, under leadership of the Mumbai-headquartered company that is now called Reliance Infrastructure Limited (R-Infra), which had acquired a 36.5% stake in the yard by 2016. This arose when a USD 3 billion contract for the construction of a naval frigate was cancelled after the yard took on USD 1.2 billion in debt.

Swan Defence and Heavy Industries, together with fellow investor Hazel Mercantile, acquired the yard in 2022, appointed a new board of directors at the end of 2023, and took control of the company in January 2024. 

“The resumption of trading in Swan Defence and Heavy Industries shares marks the beginning of a new journey for the shipyard,” said Vivek Merchant, Swan Defence and Heavy Industries director, last week. “With our strategic location, state-of-the-art infrastructure and steady growth trajectory, we are uniquely positioned to transform our shipyard into a premier global maritime hub. Our vision is to establish the shipyard as a globally renowned centre of innovation and craftsmanship, playing a pivotal role in elevating India’s standing amongst the world’s top shipbuilding nations.”

Initially listed at INR 37.80 on Jan 21, at time of writing the yard’s share price has increased to INR 45.80 (USD 0.53).