About
Swan Energy Ltd
Swan Energy Ltd. (Formerly known as Swan Mills Limited) was incorporated on February 22, 1909. 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 three verticals of business i.e., Textiles, Energy and Constructions & Others. It has 6 subsidiary companies. 2 subsidiaries are engaged in Real estate business, 2 subsidiaries are engaged in construction of LNG Port Project at Gujarat, 1 subsidiary is engaged in Infrastructure and 1 have ceased operations. Out of 6, 1 is a foreign subsidiary of which the operations have ceased and is in the process of strike-off from the registering authority in Singapore, balance 5 subsidiaries are Indian subsidiaries.
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.
Swan Energy Ltd
Chairman Speech
Dear Shareholders,
It gives me great pleasure to present the Annual Report of Swan Energy Limited for the
financial year 2022-23. As we reflect on the past year, we are proud of the achievements
and progress made by our company in the dynamic and challenging energy landscape of India.
In the face of unprecedented global events, Swan Energy has remained steadfast in its
commitment to delivering sustainable growth and creating long-term value for our
stakeholders. Our dedication to innovation, responsible practices, and customer-centricity
has been the cornerstone of our success.
Operational Excellence: Our unwavering focus on operational excellence has yielded
impressive results across all our business verticals. In the textile division, we have
continued to push boundaries to deliver high-quality products that meet global standards.
Similarly, our realty, and oil and gas operations have showcased resilience and
adaptability, even in the face of industry fluctuations. Compared to FY2021-22, revenues
rose to 1438 crore and EBITDA improved to 241 crores. All three existing core businesses
showed profits which played a significant role in the company's performance.
Innovation and Sustainability: Swan Energy remains dedicated to embracing
cutting-edge technologies and practices that promote sustainability. Our efforts to reduce
carbon emissions, optimize resource utilization, and foster a safe work environment have
gained momentum and will continue to be a top priority.
Community Engagement: As a responsible corporate citizen, we believe in giving back
to society. Our CSR initiatives have impacted the lives of many, empowering communities
through education, healthcare, and skill development programs.We take immense pride in
being a catalyst for positive change.
Financial Strength: I am pleased to report that despite challenges posed by the
global economic climate, Swan Energy has maintained robust financial health. Our prudent
financial management practices have provided a stable foundation, enabling us to explore
new opportunities and expand our horizons.
Outlook: After a comprehensive three-year process, Swan Energy has emerged as the
successful bidder for the former Reliance Naval and Engineering Limited. Additionally,
this year, Swan Energy has secured a controlling interest in the Indian listed entity,
Veritas India Limited. These strategic moves signify our entry into the shipbuilding and
heavy manufacturing sector, whilst bolstering our foothold in the oil and gas industry.
Looking ahead, we see immense potential for growth and further diversification. Swan
Energy will continue to explore new avenues to strengthen our position and create value
for our shareholders.
Acknowledgments: I extend my sincere gratitude to our shareholders, whose trust and
confidence have been our driving force. I would also like to express appreciation to our
dedicated team, whose unwavering commitment and hard work have made all our achievements
possible.
In closing, I assure you that Swan Energy remains committed to upholding the highest
standards of governance, transparency, and ethical practices. Together, we shall embrace
the future with optimism, determination, and the desire to build a brighter tomorrow.
Thank you for your continued support.
Warm regards,
Nikhil V. Merchant.
Chairman.
  Â
Swan Energy Ltd
Company History
Swan Energy Ltd. (Formerly known as Swan Mills Limited) was incorporated on February 22, 1909. 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 three verticals of business i.e., Textiles, Energy and Constructions & Others. It has 6 subsidiary companies. 2 subsidiaries are engaged in Real estate business, 2 subsidiaries are engaged in construction of LNG Port Project at Gujarat, 1 subsidiary is engaged in Infrastructure and 1 have ceased operations. Out of 6, 1 is a foreign subsidiary of which the operations have ceased and is in the process of strike-off from the registering authority in Singapore, balance 5 subsidiaries are Indian subsidiaries.
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.
Swan Energy Ltd
Directors Reports
Swan Energy Ltd
Company Background
| Incorporation Year | 1909 |
| Registered Office | 6 Feltham House 2nd Floor,10 J N Heredia Mrg BallardEst.
Mumbai,Maharashtra-400001 |
| Telephone | 91-22-40587350,Managing Director |
| Fax | 91-22-40587360 |
Navinbhai C DaveNikhil Merchant| Company Secretary | Arun S Agarwal |
| Auditor | N N Jambusaria & Co |
| Face Value | 1 |
| Market Lot | 1 |
| Listing | BSE,Kolkata,MSEI ,NSE, |
| Registrar | Purva Sharegistry (I) Pvt Ltd
9 ShivShakti Indl Es,J R Boricha Marg,Lower Parel,Mumbai - 400 011 |
Swan Energy Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Navinbhai C Dave | Chairman (Non-Executive) | 2023 |
| Shobhan I Diwanji | Non-Exec. & Independent Dir. | 2023 |
| Rajat Kumar Dasgupta | Non-Exec. & Independent Dir. | 2023 |
| Pitamber S Teckchandani | Non-Exec. & Independent Dir. | 2023 |
| Paresh V Merchant | Whole-time Director | 2023 |
| Nikhil Merchant | Managing Director | 2023 |
| Padmanabhan Sugavanam | Whole-time Director | 2023 |
| Arun S Agarwal | Company Sec. & Compli. Officer | 2023 |
| Surekha Oak | Non-Exec. & Independent Dir. | 2023 |
Swan Energy Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| CNX500 |
| BSESMALLCA |
| BSEREALTY |
| CNXSMALLCA |
| BSEALLCAP |
| GOODSSERVI |
| SML250 |
| MSL400 |
| NFTYMSC400 |
| NFTYSC250 |
| NF500M5025 |
| NFTYTOTMKT |
Swan Energy Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Textile | Mtr | 0 | 0 | 0 | 271.9659 |
| Construction (Work Contract) | NA | 0 | 0 | 0 | 24.0765 |
| Revenue from Services | NA | 0 | 0 | 0 | 9.5 |
| Rental Income | NA | 0 | 0 | 0 | 1.2979 |
| Cloth | Mtr | 0 | 0 | 0 | 0 |
| Nylon Cord | MT | 0 | 0 | 0 | 0 |
| Looms-Weaving | No | 0 | 0 | 0 | 0 |
| Spindles-Spinning | No | 0 | 0 | 0 | 0 |
| Construction Activities | NA | 0 | 0 | 0 | 0 |
| Other Operating Revenues | NA | 0 | 0 | 0 | 0 |
| Job Work | Mtr | 0 | 0 | 0 | 0 |
| Textile Products - Traded | Mtr | 0 | 0 | 0 | 0 |
| Adjustment | NA | 0 | 0 | 0 | 0 |
| Property Development | NA | 0 | 0 | 0 | 0 |