Swan Defence & Heavy Industries Limited has officially announced under Regulation 30 of SEBI regulations that it has secured a landmark Category 4 order from Energy ONE Limited for the construction of four 92,500 DWT dual-fuel ammonia bulk carriers. This historic contract, valued between Rs 1,501-3,000 crore, marks India's first foray into ammonia-powered commercial shipping and represents a significant technological advancement for the domestic maritime industry.

Official Order Announcement

The company filed the formal announcement on April 7, 2026, confirming that these vessels will be the first ammonia dual-fuel ships built in India and are among the largest commercial vessels ever constructed at an Indian shipyard. The contract represents a significant step forward in both technological capability and scale for the domestic shipbuilding industry.

Delivery Timeline and Regulatory Compliance

The execution timeline stipulates that the first vessel is expected to be delivered in October 2029, with subsequent deliveries scheduled at four-month intervals. Each dual-fuel vessel will be equipped with ammonia-fuelled propulsion systems, representing cutting-edge marine technology aligned with global decarbonization efforts.

The company has confirmed that neither the promoter, promoter group, nor any of the group companies have any interest in Energy ONE Limited. Additionally, the contract does not fall under related party transactions, ensuring full regulatory compliance.

Strategic Significance and Management Perspective

Vivek Merchant, Director at Swan Defence and Heavy Industries Limited, emphasized the strategic importance of this contract: "Winning this project is an important step forward for us. It reflects the confidence global stakeholders are placing in Indian shipbuilding, and in the capabilities, we have developed at Pipavav. Ammonia as a marine fuel is still at an early stage, and we are proud to be part of that transition - building vessels that are not just relevant for today but aligned with where the industry is heading."

About Energy ONE Limited

Energy ONE Limited serves as General Partner for New Energy One (NEO), an investment fund registered in Jersey Channel Islands. NEO focuses on investing in new building green assets with a total capital investment program of USD 2.00 billion in zero emission ships. The fund enables industrial end users and commodity producers to reduce their greenhouse gas emissions.

Order Classification Framework

Swan Defence & Heavy Industries Limited has announced the appointment of Mr. Jayaramakrishnan Kannan as Additional Independent Director through a board resolution passed on March 31, 2026. The appointment, which requires shareholder approval, demonstrates the company's commitment to strengthening its board governance structure with experienced industry professionals.

Board Resolution Details

The company's Board of Directors approved the appointment via circular resolution on March 31, 2026, following recommendations from the Nomination and Remuneration Committee. The appointment is structured as follows:

Professional Background

Kannan brings substantial industry expertise to the board, having retired as Vice President and Head of Global Alliances at Tata Consultancy Services. His professional credentials include:

• Industry Experience: Approximately 40 years in the IT sector
• TCS Tenure: Over 30 years in various positions across India and international markets
• Educational Background: Post-graduate in Management with specialization in Systems and Marketing from Bajaj Institute of Management, Mumbai
• Current Board Positions: AiQOD, Mitraa, Amitech, Manisha Soft Solutions, and Pillar Rocks
• Advisory Roles: Check Point, Krya, Method Hub, and Mitraa Deep Tech

Regulatory Compliance

The appointment adheres to regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key compliance aspects include:

• Kannan is not related to any existing directors of the company
• He is not debarred from holding directorship by SEBI or any other regulatory authority
• The appointment follows proper board committee recommendations
• Full disclosure documentation has been provided as per regulatory mandates

Postal Ballot Process

Shareholders will vote on the appointment through a postal ballot mechanism scheduled for March 31, 2026. The resolution requires special resolution approval and will be conducted through remote e-voting to ensure broad shareholder participation.

This strategic appointment reflects Swan Defence and Heavy Industries Limited's focus on enhancing board expertise, particularly given Kannan's extensive technology and global business experience that could prove valuable for the company's operational and strategic initiatives.