Swan energy ltd formerly known as Swan Mills was incorporated in the year 1909.The registered office of the company is at Sewree, Mumbai.The name of the company changed from 'Swan Mills ' to 'Swan Energy' with effect from December 16, 2008.
Earlier, the Ajay Piramal group had entered into an alliance with the company`s promoters to develop around 1 million sq. ft. spread over central and north Mumbai. Besides trading in fabric, it has planned to put up a fabric processing unit in Gujarat for which land has been acquired.
The company was earlier engaged in trading in fabric as well as development of properties. Its activity includes manufacturing and marketing of cotton and polyester sarees and shirtings in India.The company has also constructed a residential complex at Sewri and a techno park at Kurla in the city of Mumbai.
Earlier Swan Energy planned to acquire a minority stake in GSPC Pipavav Power Co Ltd, a Gandhinagar-based electric utility company, from Indian state-owned Gujarat State Petroleum Corp Ltd (GSPC)
Swan Energy emerged as the majority shareholder in GSPC Pipavav Power Company Ltd (GPPC) with a 49 per cent stake after shareholders of GPPC signed a formal Shareholders' Agreement among themselves and the company. According to the agreement, Gujarat State Petroleum Corporation Limited (GSPC), Gujarat Power Corporation Limited (GPCL) and Swan Energy Limited (SEL) shall be the shareholders with 34 per cent, 17 per cent and 49 per cent shareholding respectively.SEL was suppose to pay Rs 381 crore as the value of shares for its 49 per cent stake in GPPC and in turn, GPPC together with its other shareholders have agreed to assign 70 per cent of the CERs (carbon emission receipts) that will be generated from GPPC's upcoming Pipavav project to SEL.