Swan Defence and Heavy Industries Limited has secured a historic contract worth USD 227 million for the construction of six chemical tankers, marking India's entry into specialized commercial shipbuilding. The order from Norwegian shipowner Rederiet Stenersen AS represents the first chemical tanker contract awarded to an Indian shipyard and stands as one of the nation's largest single commercial shipbuilding deals.

Contract Details and Specifications

The comprehensive agreement encompasses the construction of six IMO Type II chemical tankers at SDHI's Pipavav shipyard in Gujarat. Each vessel will have a deadweight tonnage of 18,000 DWT, with an overall length of approximately 150 metres and a beam of approximately 23 metres.

The vessels will incorporate advanced dual-fuel LNG ready hybrid propulsion systems, enabling multiple operational modes supported by high levels of automation. Built to Ice Class 1A standards, the tankers will be designed by Marinform AS and StoGda Ship Design & Engineering, with DNV classification.

Strategic Significance for Indian Shipbuilding

This contract represents the first newbuild order at India's largest shipyard following its revitalization under Swan Corp Limited's management. The deal underscores the growing confidence in India's commercial shipbuilding capabilities and the effectiveness of progressive maritime policies, including the Shipbuilding Financial Assistance scheme.

Vivek Merchant, Director at Swan Defence and Heavy Industries Limited, emphasized the milestone's importance: "This marks a historic milestone in the shipyard's new journey toward becoming a state-of-the-art shipbuilding hub. The order from Rederiet Stenersen AS underscores global confidence in our ability to deliver future-ready, high-quality vessels."

International Partnership and Confidence

Rederiet Stenersen AS's decision to place this order follows a comprehensive technical and commercial evaluation process. John Stenersen, Director – Ship Management at Rederiet Stenersen AS, noted: "This is our first newbuilding contract placed with an Indian shipyard, following a comprehensive technical and commercial evaluation. Our decision reflects strong confidence in SDHI's infrastructure, engineering capabilities, and readiness to deliver specialized vessels."

The contract follows the signing of a Letter of Intent between SDHI and Rederiet Stenersen AS in November 2025, demonstrating the structured approach to this significant partnership.

SDHI's Competitive Advantages

Swan Defence and Heavy Industries Limited operates from a strategically located facility on India's west coast, featuring the country's largest dry dock measuring 662 metres by 65 metres. The company maintains a fabrication capacity of 164,000 tonnes per annum, providing significant competitive advantages in meeting India's maritime and industrial requirements.

The successful securing of this contract positions SDHI as a key player in India's commercial shipbuilding sector and demonstrates the potential for Indian shipyards to compete effectively in the global market for specialized vessels.

Swan Defence and Heavy Industries Limited announced key corporate developments following its board meeting held on December 17, 2025, including the appointment of a new Company Secretary and securing substantial financial assistance from its holding company.

Key Board Decisions

The board of directors approved two significant decisions during the meeting that commenced at 5:00 p.m. and concluded at 6:17 p.m. The company appointed Ms. Priti P. Dave as Company Secretary and Compliance Officer, while also securing financial assistance of up to ₹800.00 crores from Hazel Infra Limited.

New Company Secretary Profile

Ms. Priti P. Dave brings significant expertise to her new role as Company Secretary and Compliance Officer. She is an associate member of the Institute of Company Secretaries of India with membership number ACS 19469 and holds a Law Graduate degree. Her professional background includes 20 years of experience in secretarial and legal functions in listed entities of repute, with her most recent association being with Nilkamal Limited.

Under Section 203 of the Companies Act, 2013, Ms. Dave has also been designated as Key Managerial Personnel of the company, joining the existing KMP team that includes R Adm Vipin Kumar Saxena as Chief Executive Officer and Mr. Rajesh Bhardwaj as Chief Financial Officer.

Updated Key Managerial Personnel

The company has updated its list of Key Managerial Personnel effective from December 17, 2025, with all three KMPs authorized by the board for determining materiality of events and making disclosures to stock exchanges.

Financial Assistance Structure

The financial assistance arrangement involves a working capital loan agreement with Hazel Infra Limited, which holds 94.91% equity shares in Swan Defence and Heavy Industries Limited as the holding company. The transaction falls within related party transactions but will be conducted at arm's length as per regulatory requirements.

Regulatory Compliance

The announcements were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The enabling board resolution for the financial assistance has been passed, with the formal agreement to be executed at the time of actual transaction. This funding arrangement provides Swan Defence with enhanced financial flexibility to support its operations in the defence and heavy industries sector.