Swan Defence and Heavy Industries Limited

Swan Defence and Heavy Industries Limited is an Indian shipbuilding and heavy-industry company based at Port Pipavav in Gujarat. The business is the successor to Pipavav Shipyard Limited, which was established by SKIL Ports & Logistics and subsequently operated under the Reliance group as Reliance Defence and Engineering Limited and Reliance Naval and Engineering Limited. After a period of financial distress and insolvency, the company was acquired through an approved corporate insolvency resolution plan by Swan Energy Limited in partnership with Hazel Mercantile Limited. The company adopted its current name in January 2025 and was relisted on Indian stock exchanges. The company’s core asset is a large integrated shipyard spread across approximately 600 acres, with about 1.2 kilometres of waterfront at Pipavav. Its infrastructure includes a dry dock measuring approximately 662 metres by 65 metres, capable of accommodating very large vessels, a large-capacity Goliath crane, a wet basin, fabrication facilities, berthing infrastructure and covered production space within a special economic zone. These facilities allow the company to undertake new construction, ship repair, retrofitting, heavy fabrication and marine engineering work. Swan Defence serves both commercial and defence-related markets. Its capabilities cover bulk carriers, tankers, offshore construction vessels, pipe-laying vessels, multipurpose offshore support vessels, naval ships, submarines-related construction work and ship repair. The yard has built commercial vessels, including Panamax bulk carriers, and has historically pursued major Indian naval opportunities. It became the first private-sector Indian company to receive a licence and contract to build warships, and it has sought to use its large dry dock and fabrication capacity to compete for domestic and international projects. The business expanded into defence shipbuilding through arrangements with Mazagon Dock Shipbuilders, including a 2011 joint-venture announcement concerning warships and submarines, and through a 2014 agreement with Atlas Elektronik concerning heavy-weight torpedoes. In 2015, Reliance Infrastructure acquired a substantial stake in Pipavav Shipyard and later obtained control, with Anil Ambani becoming chairman. During the Reliance period, the company pursued naval construction, a large Indian frigate opportunity and a Master Ship Repair Agreement with the United States Navy concerning vessels operating in the region. The company entered corporate insolvency proceedings after defaulting on bank loan payments in January 2020. The insolvency resolution process ultimately resulted in the Swan Energy-led acquisition approved by the National Company Law Tribunal in December 2022. A new board was appointed in December 2023 and Swan management took control in January 2024. Under its new ownership and name, the company has emphasized shipyard revitalization, commercial shipbuilding, offshore vessels, naval projects and international partnerships. It signed an agreement with Royal IHC and Alar Infrastructure for offshore construction, pipe-laying and multipurpose offshore support vessels, and later entered a teaming arrangement with Mazagon Dock Shipbuilders for an Indian Navy landing platform dock project. The company’s present positioning combines large-scale Indian shipyard infrastructure with ambitions in defence production, vessel repair, offshore engineering and commercial ship construction.

The company traces its operating history to Pipavav Shipyard, originally developed by SKIL Ports & Logistics near Pipavav in Gujarat. The shipyard was created as a large private-sector marine industrial complex with waterfront access, dry-dock infrastructure and heavy fabrication capability. It later became known as Pipavav Shipyard Limited and Pipavav Defence and Offshore Engineering Company Limited. A major strategic change came in 2011, when Pipavav announced a joint venture with Mazagon Dock Limited to collaborate on warship and submarine construction. The arrangement reflected the Indian government’s increasing interest in private-sector participation in defence production and the pressure on public shipyards to expand capacity. In 2014, Pipavav also announced a proposed partnership with Atlas Elektronik for heavy-weight torpedoes, broadening its intended defence portfolio beyond ship construction. The company undertook substantial financial restructuring in 2015. In the same year, Reliance Infrastructure acquired a significant interest and later increased its ownership through an open offer. Anil Ambani became chairman, and the company was renamed Reliance Defence and Engineering Limited in 2016 and Reliance Naval and Engineering Limited in 2017. During this period, the business pursued naval and commercial opportunities, including a large Indian frigate project and a Master Ship Repair Agreement with the United States Navy for regional vessel maintenance. The company’s financial position deteriorated, and in January 2020 it entered a corporate insolvency process after defaulting on bank loan payments. The resolution process culminated in approval of a plan submitted by Swan Energy in partnership with Hazel Mercantile. The National Company Law Tribunal approved the plan in December 2022. A new board was appointed in December 2023, and Swan Energy’s management took control in January 2024. The business was subsequently repositioned under the Swan Defence and Heavy Industries name. The new identity became effective in January 2025, when the company was also relisted on Indian stock exchanges. Under Swan ownership, the shipyard has focused on restoring and using its large infrastructure for commercial shipbuilding, defence projects, offshore construction vessels, ship repair and heavy fabrication. Its cooperation with Royal IHC and Alar Infrastructure targets offshore construction, pipe-laying and multipurpose offshore support vessels. Its teaming agreement with Mazagon Dock addresses an Indian Navy landing platform dock opportunity. The Pipavav complex remains the defining asset of the company. It includes a large dry dock, a wet basin, a heavy-lift Goliath crane, waterfront berthing and extensive covered fabrication space. The yard has delivered commercial vessels, including Panamax bulk carriers, and its scale gives Swan Defence the ability to handle large commercial and naval platforms. The company’s current strategy is therefore based on converting inherited shipyard capacity into a broader platform for Indian defence manufacturing, international marine partnerships, offshore engineering and commercial vessel production.

1. 2025Current name and relisting

   The company became Swan Defence and Heavy Industries Limited and was relisted on Indian stock exchanges.

   Source
2. 2024Swan management assumes control

   Swan Energy’s management formally took over the company after implementation of the approved resolution plan.

   Source
3. 2022Swan Energy resolution plan approved

   The National Company Law Tribunal approved the Swan Energy and Hazel Mercantile acquisition plan.

   Source
4. 2020Corporate insolvency process begins

   The company entered insolvency proceedings following defaults on bank loan payments.

   Source
5. 2017Renamed Reliance Naval and Engineering

   The company adopted the Reliance Naval and Engineering Limited name.

   Source
6. 2016First Reliance-era renaming

   The company changed its name to Reliance Defence and Engineering Limited.

   Source
7. 2015Reliance Infrastructure takes control

   Reliance Infrastructure acquired a substantial stake and subsequently gained control through an open offer.

   Source
8. 2014Heavy-weight torpedo venture announced

   The company announced a proposed joint venture with Atlas Elektronik for heavy-weight torpedoes.

   Source
9. 2011Warship and submarine joint venture announced

   Pipavav announced a joint venture with Mazagon Dock to collaborate on warship and submarine construction.

   Source
10. 2010Indian Navy offshore patrol vessel contract

    Pipavav Shipyard was awarded a contract to build five offshore patrol vessels for the Indian Navy.

    Source

A large Indian private-sector shipbuilder and heavy marine engineering company combining commercial ship construction, naval and defence shipbuilding, ship repair, offshore-vessel fabrication and large-scale dry-dock infrastructure.

• Commercial bulk carriersCommercial shipbuilding

  The Pipavav shipyard has built large commercial cargo vessels, including Panamax bulk carriers. These ships represent the company’s commercial construction capability and its ability to use its large dry dock, fabrication halls, waterfront and heavy-lift equipment for ocean-going vessels.

• Naval vesselsDefence shipbuilding

  Naval shipbuilding has been a central part of the company’s strategic development since Pipavav pursued private-sector warship and submarine work. The company has participated in Indian naval opportunities and continues to position its yard for major defence construction and partnering programmes.

• Offshore construction vesselsOffshore marine engineering

  Through its cooperation with Royal IHC and Alar Infrastructure, Swan Defence is targeting offshore construction vessels and related marine platforms. The proposed work includes design, construction and retrofitting, using the Pipavav yard’s fabrication, dry-dock and waterfront infrastructure.

• Pipe-laying and offshore support vesselsOffshore marine engineering

  The company’s offshore portfolio includes pipe-laying vessels and multipurpose offshore support vessels. These platforms serve marine construction, energy and offshore logistics applications and are suited to the yard’s large-scale steel fabrication and vessel integration capabilities.

• Ship repair and retrofitMarine services

  Swan Defence’s large dry dock and waterfront facilities support ship repair, maintenance, conversion and retrofit work. The company previously pursued naval repair through a Master Ship Repair Agreement with the United States Navy and continues to present repair as a major use of its infrastructure.

• 2025Rebranding and relistingStrategy

  Following the insolvency resolution and management transition, the company required a new corporate identity and public-market status.

  What changed. The business became Swan Defence and Heavy Industries Limited and was relisted on Indian stock exchanges.

  Aftermath. The renamed company continued to pursue commercial, offshore and defence shipbuilding opportunities from the Pipavav yard.

  Source
• 2022Acquisition through insolvency resolutionM&A

  The distressed shipbuilding company required a successful resolution plan to determine its future ownership and operation.

  What changed. The National Company Law Tribunal approved a plan submitted by Swan Energy in partnership with Hazel Mercantile.

  Aftermath. A new board was appointed in 2023, Swan management assumed control in 2024, and the company adopted its current identity in 2025.

  Source
• 2020Corporate insolvency processOther

  Reliance Naval and Engineering defaulted on bank loan payments.

  What changed. The company entered the corporate insolvency resolution process under India’s applicable insolvency framework.

  Aftermath. The process led to approval of a Swan Energy and Hazel Mercantile resolution plan and a subsequent change in ownership and management.

  Source
• 2015Financial restructuring and ownership transitionStrategy

  Pipavav Shipyard undertook debt restructuring while Reliance Infrastructure acquired a substantial equity position and moved toward control.

  What changed. The company raised additional debt facilities and underwent a change in controlling ownership, followed by a Reliance-led strategic repositioning toward defence and naval work.

  Aftermath. The business was renamed twice during the Reliance period, later defaulted on bank loans and entered insolvency proceedings in 2020.

  Source

• 2025Company adopts Swan Defence and Heavy Industries name

  The company adopted its current name and was relisted on Indian stock exchanges.

  Leadership changeOther
  Source
• 2024Swan management takes control of Pipavav shipyard

  Swan Energy’s management formally assumed control of the company and its shipyard.

  M&ALeadership change
  Source
• 2023New board appointed after insolvency resolution

  A new board of directors was appointed as part of the implementation of the approved resolution plan.

  Leadership changeBankruptcy
  Source
• 2022Swan Energy-led resolution plan approved

  The National Company Law Tribunal approved the acquisition of Reliance Naval and Engineering under a resolution plan submitted by Swan Energy and Hazel Mercantile.

  M&ABankruptcy
  Source
• 2020Reliance Naval enters corporate insolvency process

  The company triggered a corporate insolvency process after defaulting on bank loan payments.

  BankruptcyRegulation
  Source
• 2017Company renamed Reliance Naval and Engineering

  The company changed its name again to Reliance Naval and Engineering Limited.

  Other
  Source
• 2016Company renamed Reliance Defence and Engineering

  Pipavav Shipyard adopted the Reliance Defence and Engineering name during the Reliance-controlled period.

  Other
  Source
• 2015Reliance Infrastructure acquires stake in Pipavav Shipyard

  Reliance Infrastructure acquired a substantial stake in Pipavav Shipyard and subsequently increased its holding through an open offer, taking control of the company.

  M&ALeadership change
  Source
• 2014Pipavav announces heavy-weight torpedo venture with Atlas Elektronik

  The company announced a proposed joint venture with Atlas Elektronik to build heavy-weight torpedoes.

  Other
  Source
• 2011Pipavav Shipyard enters warship-building arrangement with Mazagon Dock

  Pipavav Shipyard announced a joint venture with Mazagon Dock Limited intended to support construction of warships and submarines using Pipavav facilities.

  M&AOther
  Source
• Swan Defence signs offshore-vessel cooperation agreement with Royal IHC

  Swan Defence, Royal IHC and Alar Infrastructure agreed to cooperate on the design, construction and retrofitting of offshore construction vessels, pipe-laying vessels and multipurpose offshore support vessels.

  OtherProduct launch
  Source
• Swan Defence and Mazagon Dock sign landing platform dock teaming agreement

  The two companies agreed to cooperate on design and construction for an Indian Navy landing platform dock project.

  Other
  Source

1. Swan Defence and Heavy Industries Limited