### **Overview** Swan Corp Ltd (formerly Swan Energy Limited) is a diversified Indian conglomerate with over a century of legacy, originally established in 1909 as a textile manufacturer. Over the past decade, the company has strategically transformed into a multi-sector player with significant operations in **Energy, Defence & Shipbuilding, Real Estate, Petrochemicals, and Textiles**. Listed on the NSE (SWANENERGY) and BSE (503310), Swan Corp has demonstrated strong operational agility, financial discipline, and a focus on capital allocation aligned with India’s evolving infrastructure and clean energy goals. --- ### **Key Business Segments & Strategic Developments (as of Sep–Nov 2025)** #### **1. Energy & LNG Infrastructure** - Swan’s **onshore LNG terminal at Jafrabad, Gujarat**, is nearing commissioning and represents a landmark greenfield infrastructure project in India's energy transition. - The terminal, developed through its subsidiaries **Swan LNG Pvt. Ltd. (SLPL)** and **Triumph Offshore Pvt. Ltd.**, will have an initial regasification capacity of **5 MMTPA**, expandable to **10 MMTPA**. - It has secured **long-term 20-year use-or-pay agreements** for **4.5 MMTPA** with major PSUs: **GSPC, BPCL, IOCL, and ONGC**, ensuring stable cash flows. - The project operates under a **30-year concession (extendable by 20 years)** with the **Gujarat Maritime Board (GMB)**. - Equity structure: Swan (63%), GMB (15%), GSPL (11%), Mitsui OSK Lines (11%), and IFFCO (49% through separate stake). - In line with shifting global LNG dynamics post-Russia-Ukraine conflict, the company **strategically divested its FSRU ‘Vasant-1’ for USD 399 million**, enabling capital redeployment into higher-return energy infrastructure. #### **2. Defence & Shipbuilding (Swan Defence and Heavy Industries Limited – SDHI)** - Acquired **Reliance Naval and Engineering Limited (RNEL)** via NCLT in Jan 2024 and rebranded it as **Swan Defence and Heavy Industries (SDHI)**. - SDHI is now **India’s largest fully operational private shipyard**, featuring a **750m x 265m offshore yard** with dry dock capabilities. - Successfully **completed three refit orders for the Indian Coast Guard ahead of schedule**, showcasing operational excellence. - Over **1,000 employees (in-house and vendor)** are deployed, with active recruitment for over 85 mid-level roles and training underway in critical skills (welding, profiling, etc.). - Strategic MoUs signed with domestic and global partners to expand into **defense manufacturing, commercial shipbuilding, and heavy fabrication**. - Positioned to benefit from **ONGC’s offshore expansion** and public sector repair contracts. #### **3. Real Estate & Infrastructure (Cardinal Energy and Infrastructure Pvt. Ltd.)** - Monetizing strategic land in **Southern India**, including the successful **sale of land in Mangalore** and ongoing evaluation of Bengaluru land bank. - Achieved strong performance in residential projects: - **Cardinal One, Bengaluru**: Received Occupation Certificate (OC) in May 2025; **over 90% of 120 luxury units sold**. - **Yeswantpur Residential Project**: 22-story tower with OC obtained; **60% inventory sold**, balance expected to be cleared soon. - Portfolio includes c. **2.6 million sq. ft. of commercial and residential developments** across **Mumbai, Bengaluru, and Hyderabad**. - **Sai Tech Park (Bengaluru)**: Fully leased to Harman Connected Services (Samsung Group). - **Technova (Hyderabad)**: Leased to Google Connected Services India. - **Kurla IT Park & Ashok Gardens (Mumbai)**: Fully delivered. - Real estate leasing segment generated **₹32.93 crores** in rent (FY24–25) from properties in Bengaluru and Hyderabad. #### **4. Petrochemicals & Logistics (Veritas Group)** - **Veritas India Limited (55% owned)** has 28 years of experience in petrochemical distribution, storage, and logistics. - Operates an **Ultra-Mega industrial complex at Dighi Port, Maharashtra**, with sea access and integrated chemical manufacturing. - **Verasco FZE (UAE)**: Manages a terminal in Hamriyah with **30 tanks and 172,000 cubic meters** of storage, offering **blending, drumming, distillation**, and other value-added services. - Generated **₹385,455.36 crores in revenue (FY23–24)**, with net profit margins improving to **4.8%** due to bulk sourcing and asset optimization. #### **5. Green Energy & Strategic Partnerships** - Actively participating in **India’s Green Hydrogen Mission** and aligned with the **‘One Nation, One Grid’ policy** for gas infrastructure. - Exploring **joint ventures with AG&P** (global LNG logistics leader) for: - Procurement of FSRUs and FSUs. - Sourcing and marketing LNG in India. - Potential **strategic equity investment by AG&P in Swan LNG Pvt. Ltd.** - Empaneled with **Telecommunications Consultants India Limited (TCIL)** for **smart city tech, AI, and geospatial mapping**. - Through Veritas India, part of a consortium awarded **BMC project to build Mumbai’s 3D city model** using geospatial tech. #### **6. Textiles** - Legacy business with over 100 years of brand recognition for **shirting, suiting, and dress fabrics**. - Manufacturing unit in **Ahmedabad, Gujarat** with production capacity of **100,000 meters/day** (expanded to **3 million meters/month**). - Specializes in **dyeing and printing over 200 fabric variants**, including cotton, blends, viscose, and lycra. - Serves customers across **8 Indian states and 8 international markets**. - Registered brand **‘SWAN’** remains a key market differentiator. --- ### **Financial & Strategic Highlights (FY24–25)** - Achieved **highest-ever revenue and profitability**, reflecting success of diversification strategy. - **Energy segment revenue**: ₹38,103.52 lakhs. - **Shipbuilding segment revenue**: ₹703.46 lakhs (initial ramp-up phase). - **Petrochemicals & Warehousing** emerged as key cash generators, with early success in new greenfield ventures. - **Significant debt reduction** improved financial health and supported sustainable growth. - Strategic **capital reallocation** from non-core assets (e.g., FSRU divestment) to high-growth infrastructure and clean energy. --- ### **Corporate Structure** - **Headquarters**: Mumbai - **Subsidiaries**: 8 direct (e.g., Cardinal Energy, Swan LNG, Triumph Offshore); 5 step-down under Veritas Group (including overseas entities). - **Rebranded**: Swan Energy Limited → **Swan Corp Ltd**, reflecting evolved identity across sectors. ---