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Billionaire Nikhil Merchant-led Swan Energy Ltd has said it plans to sell its stake in a floating LNG receipt terminal to Turkey's state-run Botas for USD 399 million.
The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd to Botas Trading IC, according to a regulatory filing.
"The definitive documents shall be signed in due course," it said, adding the deal is likely to be completed in six months.
The sale consideration of USD 399 million is to be received in multiple tranches over an unspecified period.
Triumph Offshore Private Limited (TOPL) owns a 5 million tonnes a year floating storage and regasification unit (FSRU) called Vasant-1. Swan Energy holds 51 per cent in TOPL while fertiliser maker IFFCO the remaining 49 per cent.
The filing did not say if IFFCO is also offloading its stake.
Swan is building a liquefied natural gas (LNG) import facility at Jafrabad in Gujarat. In the initial phase, gas, which is used to make fertilizers, generate electricity and

Business Standard

Swan Energy likely to sell FSRU stake to Turkey's Botas for $400 million

Billionaire Nikhil Merchant-led Swan Energy Ltd has said it plans to sell its stake in a floating LNG receipt terminal to Turkey's state-run Botas for USD 399 million. The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd to Botas Trading IC, according to a regulatory filing. "The definitive documents shall be signed in due course," it said, adding the deal is likely to be completed in six months. The sale consideration of USD 399 million is to be received in multiple tranches over an unspecified period. Triumph Offshore Private Limited (TOPL) owns a 5 million tonnes a year floating storage and regasification unit (FSRU) called Vasant-1. Swan Energy holds 51 per cent in TOPL while fertiliser maker IFFCO the remaining 49 per cent. The filing did not say if IFFCO is also offloading its stake. Swan is building a liquefied natural gas (LNG) import facility at Jafrabad in Gujarat. In the initial phase, gas, which is used to make fertilizers, generate electricity and

Gas

Gases

Trading

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Thu, Aug 15, 2024

The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd to Botas Trading IC.

Business Line

Swan Energy to sell LNG terminal to Turkey's Botas for $399 million

The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd to Botas Trading IC.

Gases

Trading

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Thu, Aug 15, 2024

India currently has seven land-based LNG terminals, but five of them are operating at less than half of their capacities due to weaker demand and the lack of pipelines connecting them with the national gas grid.

The Economic Times

Swan Energy to sell LNG terminal to Botas for USD 399 million

India currently has seven land-based LNG terminals, but five of them are operating at less than half of their capacities due to weaker demand and the lack of pipelines connecting them with the national gas grid.

Gas

Gases

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Wed, Aug 14, 2024

Swan Energy share price can rise to ₹820

Business Line

Stock to buy today: Swan Energy (₹759.45): BUY

Swan Energy share price can rise to ₹820

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Thu, Aug 1, 2024

Swan Energy hit an upper limit of 5% at Rs 725.25 after BlackRock, the world's largest asset manager, acquired a stake in the company on Monday through block deals.

Business Standard

Swan Energy sizzles as BlackRock buys stake

Swan Energy hit an upper limit of 5% at Rs 725.25 after BlackRock, the world's largest asset manager, acquired a stake in the company on Monday through block deals.

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Tue, Jul 9, 2024

Fertiliser cooperative IFFCO withdrew plea from NCLT restraining Triumph Offshore from issuing shares. This comes after IFFCO sold stake to Swan Energy for Rs 440 crore. IFFCO had sought to prevent share issuance for loan repayment, fearing dilution. NCLT allowed the withdrawal of plea on June 27. Triumph Offshore primarily aims to establish an FSRU project with Swan Energy holding a 51 per cent stake.

The Economic Times

IFFCO withdraws plea from NCLT in Triumph Offshore case

Fertiliser cooperative IFFCO withdrew plea from NCLT restraining Triumph Offshore from issuing shares. This comes after IFFCO sold stake to Swan Energy for Rs 440 crore. IFFCO had sought to prevent share issuance for loan repayment, fearing dilution. NCLT allowed the withdrawal of plea on June 27. Triumph Offshore primarily aims to establish an FSRU project with Swan Energy holding a 51 per cent stake.

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Sat, Jun 29, 2024

Iffco recently exited TOPL by selling its 49 percent stake to Swan Energy for Rs 440 crore

Business Standard

Iffco withdraws case against Triumph Offshore, Swan Energy in NCLT

Iffco recently exited TOPL by selling its 49 percent stake to Swan Energy for Rs 440 crore

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Fri, Jun 28, 2024

Buzzing stocks: Happiest Minds, L&T, Amara Raja, Hero MotoCorp, Sun Pharma, TVS Electronics, Craftsman Automation, Borosil, Swan Energy, SH Kelkar, Muthoot Capital, Vishnu Prakash

Business Line

Stocks that will see action today: June 25, 2024

Buzzing stocks: Happiest Minds, L&T, Amara Raja, Hero MotoCorp, Sun Pharma, TVS Electronics, Craftsman Automation, Borosil, Swan Energy, SH Kelkar, Muthoot Capital, Vishnu Prakash

Electric

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Tue, Jun 25, 2024

Swan Energy share price can rise to ₹700-705

Business Line

Stock to buy today: Swan Energy (₹655.25): BUY

Swan Energy share price can rise to ₹700-705

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Mon, Jun 24, 2024

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