ABG Shipyard to bring equal partner by mid-August

Mumbai : ABG Shipyard, India's largest private shipbuilding company, would bring an equal partner in the business by mid-August, said a source.

"The company is exploring the possibility of the investors so as to improve its financial and operational strength," ABG Shipyard said The company is in talks with local and global firms for this investment, according to the official.

The flagship company of the ABG Group is in the midst of a corporate debt restructuring (CDR), under which a 22-lender consortium, led by ICICI Bank, agreed last March to recast Rs 11,000 crore loans, offering the shipbuilder a two-year breather on the payment of interest, a reduced borrowing cost and an extension of the repayment period.

"This space in the shipbuilding sector is becoming exciting and in six months, we are going to see a sea change," said the official, without revealing the names of the firms the company is in talks with” ," he added.

The shipbuilding facilities of the company are located at Surat and Dahej in Gujarat.

Source : dailyshippingtimes.com