This MoU is a strategic move for Swan Defence and Heavy Industries, which acquired Reliance Naval and Engineering Limited (RNEL) in 2022. 

Located at Pipavav Port, the facility is one of the largest private shipyards in India. 

The Rs 4,250 crore investment will be used for capacity expansion, building a 200-acre Maritime Cluster, and creating a Centre of Excellence for skill development. 

This project aligns with the national Maritime India Vision 2030 and aims to strengthen India's defense and commercial shipbuilding capabilities while creating a skilled workforce for the future. 

The project is a key step in reviving a major industrial asset and contributing to India's "Make in India" initiative.