During the 2025 India Maritime Week event, Vivek Merchant, Director of Indian shipbuilder Swan Defence and Heavy Industries (SDHI), revealed that the company has fully exited the supervision of the National Company Law Tribunal (NCLT). It has invested $250 million to complete the refurbishment of the Pipavav Shipyard, which now possesses the capability to construct large commercial vessels.
SDHI was formerly known as Reliance Naval Engineering, which operated the Pipavav Shipyard.
According to Vivek Merchant, Pipavav Shipyard entered NCLT proceedings in 2020 and was acquired by SDHI in 2024. Within approximately 18 months under SDHI’s stewardship, the shipyard has successfully exited NCLT supervision, settled all prior debts and is poised for a new beginning.
Meanwhile, the Pipavav Shipyard has completed a comprehensive overhaul and now accounts for nearly 30% of India’s total shipbuilding capacity. Through new capacity additions, facility expansions, and the introduction of a new management team, SDHI has obtained full certification from the Indian Ministry of Defense and been authorized to operate the Pipavav Shipyard.
The shipyard has received approval from the Indian Coast Guard to conduct ship repair operations. Furthermore, the Indian Navy is currently assessing whether the shipyard is qualified to build warships.
When asked about expanding into commercial shipping, Vivek Merchant emphasized that Pipavav Shipyard already possesses the capability to build various types of vessels. “We are currently planning to construct multiple vessels including container ships, bulk carriers, and chemical tankers, while also venturing into defense sectors such as naval vessels.”
In related news, SDHI has reached a cooperation agreement with Samsung Heavy Industries, and the two parties plan to explore cooperation in the fields of new shipbuilding design, procurement, production management (EPM) as well as offshore engineering projects. At the same time, SDHI has signed a memorandum of understanding with the Dutch shipbuilding design company Royal IHC, focusing on the design, construction and conversion of offshore construction vessels, pipelaying vessels and multi-functional support vessels.
Data shows that Pipavav Shipyard was established in 1997 and boasts India’s largest dry dock (662 meters long, 65 meters wide). The yard covers an area of 2 million square meters and is capable of constructing VLCCs and offshore equipment.
It features a dedicated offshore engineering dock (750 meters × 265 meters). The facility undertakes the fabrication, installation, and loading of large platforms, offshore structures, and heavy engineering modules weighing up to 10,000 tons.