Swan Defence Invests $250 Million to Rebuild Pipavav Shipyard, Prepares for Large Vessel Construction.

Swan Defence and Heavy Industries Ltd (SDHI), formerly known as Reliance Naval Engineering Ltd, has completed the revival of the Pipavav Shipyard in Gujarat after exiting the bankruptcy process under the National Company Law Tribunal (NCLT). The company has invested around $250 million to refurbish the facility, which is now ready to undertake construction of large commercial vessels, said Director Vivek Merchant.

Speaking to businessline on the sidelines of India Maritime Week 2025 in Mumbai, Merchant said the shipyard’s NCLT process began in 2020 and concluded in 2024, with Swan emerging as the successful bidder. “It has been about 18 months since we took over. After NCLT, all past history is cleared, and we started with a clean slate,” he said.

Merchant added that the fully refurbished 650-acre facility now accounts for almost 30 percent of India’s shipbuilding capacity. The company has expanded operations, implemented new capacity, and installed a new management team. SDHI has received certification and clearance from the Ministry of Defence, classification from the Coast Guard for ship repairs, and assessment from the Indian Navy for potential warship construction.