Swan Energy will hold a 100% stake in the subsidiary with initial capital contribution at face value.

This wholly-owned subsidiary (WOS) will be considered a related party after incorporation, and any transactions with it will be conducted at arm's length.

Swan Group is among India's leading private sector business houses serving the nation for more than a century across textile, real estate and oil & gas sectors.

The company reported a 10.55% decline in consolidated net profit to Rs 55.58 crore as compared to Rs 62.14 crore posted in Q4 FY23. Revenue from operations climbed 49.79% to Rs 1,397.90 crore in Q4 FY24 over Q4 FY23.