ABG Shipyard in talks with potential buyers

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Amid reports that Reliance Defence, Shapoorji Pallonji Group and the UK's Liberty House Group have shown interest in buying ABG Shipyard, the debt-ridden company today said it is in discussions with various firms which may be prospective investor.

"The company is in discussion with various parties which may be prospective investor. The discussions with them are at a very preliminary stage, only non-disclosure agreement has been entered with few of them," ABG Shipyard informed the BSE.

ABG Shipyard was replying in response to the clarifications sought from the bourses on a news item which said that "ABG Shipyard gets three suitors, lenders want it out of debt recast. Reliance Defence, Shapoorji Pallonji Group and the UK's Liberty House have shown preliminary interest" "The company has not received any expression of interest/concrete proposal from their side," ABG Shipyard further informed the bourses.

ABG Shipyard had earlier said that its board has decided to divest its subsidiary Western India Shipyard Ltd and will invite bids from prospective investors.

Incorporated in 1985, ABG Shipyard is the flagship company of ABG group with interests in shipping and cement sectors and manufactures ships and rigs across two facilities in Gujarat at Dahej and Surat.

It is one of the three private shipyards in India approved by the Indian Navy to build various types of naval vessels and has built 23 vessels for Indian defence sector.