Swan Energy board OKs to incorporate subsidiary

Swan Energy said that its board has approved a proposal to incorporate a wholly owned subsidiary to engage in information technology (IT) and artificial intelligence (AI) activities.

The company incorporated a new subsidiary namely, Swan ImagAInation Private. The main object of the incorporation is to engage in survey & imaging services related activities using the latest technology including but not limited to Remote sensing, GIS, LIDAR, Laser Scanning and Drone Photogrammetry.

Swan Energy will hold a 100% stake in the subsidiary with initial capital contribution at face value.

This wholly-owned subsidiary (WOS) will be considered a related party after incorporation, and any transactions with it will be conducted at arm's length.

Swan Group is among India's leading private sector business houses serving the nation for more than a century across textile, real estate and oil & gas sectors.

The company reported a 10.55% decline in consolidated net profit to Rs 55.58 crore as compared to Rs 62.14 crore posted in Q4 FY23. Revenue from operations climbed 49.79% to Rs 1,397.90 crore in Q4 FY24 over Q4 FY23.

The scrip rallied 3.16% to end at Rs 633.40 on Friday, 14 June 2024.

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