Swan Defence and Heavy Industries Limited has announced the reconstitution of its Risk Management Committee following a Board resolution passed by circulation, with the new structure taking effect from February 20, 2026. The company communicated this corporate governance development to stock exchanges in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

New Committee Composition

The reconstituted Risk Management Committee features a streamlined three-member structure with diverse expertise across different functional areas. The committee brings together independent oversight, executive leadership, and financial expertise to strengthen the company's risk management framework.

Leadership Structure

Mr. Kaiyoze Beji Billimoria assumes the role of Chairman, bringing independent oversight to the committee in his capacity as Non-Executive Independent Director. His appointment as Chairman ensures independent governance and objective risk assessment processes.

Mr. Paresch Merchant serves as an Executive Director member, providing operational insights and strategic perspective to risk management decisions. His executive role enables direct alignment between risk management strategies and business operations.

Mr. Rajesh Bhardwej contributes financial expertise as Chief Financial Officer, ensuring comprehensive financial risk assessment and management across the organization's operations.

Regulatory Compliance

The reconstitution was formally approved through a Board resolution passed by circulation, demonstrating efficient decision-making processes. Swan Defence and Heavy Industries Limited, formerly known as Reliance Naval and Engineering Limited, maintains its commitment to robust corporate governance practices through this committee restructuring.

The company secretary Priti P. Dave communicated this development to both BSE (Scrip Code: 533107) and NSE (Symbol: SWANDEF) on February 25, 2026, ensuring full regulatory compliance and transparency with stakeholders.

Swan Defence and Heavy Industries Limited has officially commenced the completion of five offshore support vessels for Kakinada-based San Maritime India Pvt. Ltd. The project represents a significant step in strengthening India's maritime capabilities and supporting the government's vision of indigenous shipbuilding.

Project Commencement and Specifications

San Maritime has begun docking the vessels at SDHI's Pipavav shipyard for completion under IR Class certification. The project will cater to the demands of the offshore industry while reinforcing India's maritime infrastructure.

Strategic Impact and Government Alignment

The completion of these offshore support vessels will strengthen Indian-flag tonnage and offshore capability while creating maritime jobs. This initiative aligns with the Government of India's vision of advancing indigenous self-reliant shipbuilding through targeted financial assistance and incentive schemes.

Operational Capabilities and Infrastructure

SDHI's Pipavav facility offers unmatched shipbuilding capabilities for the project completion. The shipyard features the country's largest dry dock measuring 662m x 65m, a wet basin of 340m x 60m, and 1.2km of dedicated waterfront for berthing, docking, and launching of vessels.

Asset Utilization and Ecosystem Support

The hulls were originally acquired by SDHI as part of the acquisition of Pipavav Shipyard through NCLT proceedings from Reliance Naval and Engineering Limited. San Maritime subsequently acquired the hulls from SDHI. The project commencement will support local vendors and service providers within the shipbuilding ecosystem, demonstrating the operational readiness and executional capabilities under SDHI's new leadership.