ABG Shipyard kicks off bid process to sell majority stake: Srcs

Lenders and promoters have kick-started the bid process to sell majority stake in the debt-laden ABG Shipyard, reports CNBC-TV18 quoting sources.Lenders have also approached Reliance Defence to evaluate ABG Shipyard buyout.

Also in news is Shapoorji Pallonji which is said to be in talks for a possible buyout of the shipyard.

Among other suitors Russian ship-building majors and PE funds are also likely to throw their hats in the ring.

The lenders have appointed an investment bank to conduct the bid process to sell the company.