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Swan Energy Ltd.

BSE: 503310 Sector: Industrials
NSE: SWANENERGY ISIN Code: INE665A01038
BSE 00:00 | 11 Aug 147.10 -1.15
(-0.78%)
OPEN

149.10

HIGH

150.00

LOW

145.45

NSE 00:00 | 11 Aug 147.00 -1.70
(-1.14%)
OPEN

147.55

HIGH

150.35

LOW

145.25

OPEN 149.10
PREVIOUS CLOSE 148.25
VOLUME 98123
52-Week high 158.30
52-Week low 97.00
P/E 865.29
Mkt Cap.(Rs cr) 3,594
Buy Price 146.00
Buy Qty 5.00
Sell Price 150.00
Sell Qty 1.00
OPEN 149.10
CLOSE 148.25
VOLUME 98123
52-Week high 158.30
52-Week low 97.00
P/E 865.29
Mkt Cap.(Rs cr) 3,594
Buy Price 146.00
Buy Qty 5.00
Sell Price 150.00
Sell Qty 1.00

Swan Energy Ltd. (SWANENERGY) - Company History

Originally promoted by J P Goenka the Bombay-based Swan Mills was already sick when it was taken over by the Dave group in 1990. The Company was incorporated in the year February 22 1909. The Company has three verticles of business i.e. Textiles Real Estate and Energy. SEL has 4 subsidiary companies. 2 subsidiaries are engaged in Real estate business. Other 2 are engaged in construction of LNG Port Project at Gujarat.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.Floating Storage cum Re-gasification Unit (FSRU) 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 180000 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.