Swan Energy repays Rs 40 crore textile unit debt

Swan Energy Limited (SEL) has made a repayment of debt of Rs 40 crore towards its entire fund-based facilities of textile unit to the consortium of banks led by Union Bank of India. The consortium of banks comprises Union Bank of India, Bank of Baroda, Punjab National Bank and Mehsana Urban Co-operative Bank Ltd.

This move is a part of Swan Energy’s aim to significantly reduce the debt position in its books. The debt repayment shows Swan Energy’s goal to further strengthen the financial position by efficiently managing the financial obligations.

Swan Group has presence in the textile, real estate, oil and gas and petrochemical sectors. Additionally the recent acquisition of Reliance Naval and Engineering Limited marks its entry into the shipbuilding, ship repairing and heavy fabrication industry.

Swan Energy Limited has recently made a prepayment of Rs. 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore Private Limited (TOPL) to its consortium of senior lenders of FSRU Project.