Swan Energy said that its board has approved a proposal to incorporate a wholly owned subsidiary to engage in information technology (IT) and artificial intelligence (AI) activities.
The company incorporated a new subsidiary namely, Swan ImagAInation Private. The main object of the incorporation is to engage in survey & imaging services related activities using the latest technology including but not limited to Remote sensing, GIS, LIDAR, Laser Scanning and Drone Photogrammetry.
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.