Mumbai: Swan Energy Ltd plans to prepay 300 crore in debt for the Floating Storage and Regasification Unit (FSRU) project at Jafarabad, Gujarat, people aware of the development told Mint. This move, facilitated through its subsidiary Triumph Offshore Pvt Ltd, reflects the company's strong dedication to the project's sustainability and financial health. Swan Energy holds a 32.12% stake in the Jafarabad unit. The company has set up a debt service retention account of 94 crore to ensure seamless execution of debt prepayment. In September, the company's board had announced plans to raise 1,435 crore through a preferential issue of 29 million shares at 495 apiece. However, it remains unclear if these funds are being used for the debt prepayment. The Jafarabad unit, launched in February 2023, marks India's first new build FSRU project, highlighting Swan Energy's pioneering role in the LNG sector. This debt prepayment initiative not only bolsters the company's financial resilience but also secures the ongoing success of the project. Swan Group has diversified interests in textiles, real estate, oil & gas, petrochemicals, and with its recent acquisition of Reliance Naval and Engineering Limited, it's expanding into shipbuilding and heavy fabrication. In a significant financial relief, Swan Energy has received a one-year extension from the National Company Law Tribunal (NCLT) for the payment of 312 crore to lenders of Reliance Naval and Engineering Ltd. As per the resolution plan, the amount must be paid by 23 December 2023. This deferred payment, now set for December 2024, includes applicable interest, offering additional financial leeway to the company. Swan Energy, along with Hazel Mercantile, had emerged as the successful resolution applicant for the cash-strapped firm. Swan had submitted a bid of 2,133 crore duly approved by the NCLT in December 2022. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!