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Monday, January 30, 2017

Swan Energy tanks despite IFFCO picking stake in LNG


Swan EnergyAfter Tata Group, India's largest fertilizer producer IFFCO has indicated interest in taking 10 per cent stake in Rs 5,900 crore floating LNG import terminal being set up by Nikhil Merchant-led Swan Energy in Gujarat.
Earlier this month, Tata Realty and Infrastructure (TRIL), a wholly-owned subsidiary of Tata Sons set up in 2007, had voiced interest in taking 10 per cent stake in Swan LNG Pvt Ltd that is setting up the Floating and Regasification Unit (FSRU) near Jafrabad in Gujarat.
Despite the news, Swan Energy share price tanked 13% at NSE today at Rs. 168 as against its previous close of Rs. 193.60.
Ahead of the move, the authorized share capital of Swan LNG Pvt Ltd has been increased from Rs 5 lakh to Rs 2,000 crore. Gujarat government had formerly taken 26 per cent equity the LNG project. The Gujarat government involvement in the project was through Gujarat State Petronet Ltd and Gujarat Maritime Board jointly.


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