Reliance Naval and Engineering Limited announced that as per the Resolution Plan approved by the Hon'ble NCLT, NCLT, Ahmedabad Bench dated December 23, 2022, the existing Board has been dissolved and the Board has been Re-constituted by induction of the following new Directors at the Meeting of Monitoring Committee held on December 08, 2023: A brief profile of the following Additional Directors: 1. Nikhil Vasantlal Merchant 2. Paresh Vasantlal Merchant 3. Bhavik Nikhil Merchant 4. Vivek Paresh Merchant with effect from December 8, 2023. Mr. Nikhil Vasantlal Merchant has done his BS. (Textile Engineering) from Philadelphia College of Textiles & Science, Diploma in Man Made Textiles Chemistry from SASMIRA and M.E.P. - Management Education Programme from IIM., Ahmedabad.

Mr. Nikhil Merchant is presently serving as Managing Director on the Board of Swan Energy Limited, he is also associated with many other companies, associations and committees on various positions. Mr. Nikhil has travelled extensively in India and abroad and possesses in overall more than 40 years of vast experience in Management, Operations, Business Planning & Implementation. Mr. Paresh Vasantlal Merchant has done MEP.

- Management Education Programme from IIM., Ahmedabad and is a Commerce Graduate. Mr. Paresh is presently serving as Whole-Time Director on the Board of Swan Energy Limited & continues to lead Swan Energy into new and uncharted businesses such as Heavy engineering and Shipbuilding, LNG Fuel Storage and Regasification Unit (FSRU), Real estate, and Green Energy. Mr. Paresh is a Globe trotter and unparalleled industrialist by nature and possesses vast experience in Management & Operations.

He is also associated with many other companies, associations and committees on various positions. Mr. Bhavik holds an Economics major degree from the United States of America. For the past two years, he has been steering the FSRU project and Port business.

The total cost of these projects is around 60,000 million, being jointly executed by Swan LNG Private Limited (SLPL) and Triumph Offshore Private Limited (TOPL) - the two subsidiaries of Swan Energy Limited. Mr. Bhavik, the young entrepreneur who envisions a goal beyond expectations. He is an empathetic person with innovative ideas.

Vivek Paresh Merchant, a young and enthusiastic entrepreneur who believes in innovation and upgradation is the whole-time director of Pegasus Ventures Private Limited. Born on 25th April 1993, Mr. Vivek Merchant has accomplished his engineering degree from University of Michigan, USA. He looks after the day-to-day working and management of all business verticals of the Swan group ranging from Textile, Real estate, Green Energy to Oil & Gas.