ABG Shipyard in talks with potential buyers
Reliance Defence and the UK's Liberty House Group have shown interest in buying the debt-ridden ABG Shipyard. The Ahmedabad-based shipbuilding company said that the lenders have short listed few “prospective bidders” for the company after invoking their rights to change the ownership. The ICICI Bank-led consortium of lenders has initiated the process to find a buyer for ABG Shipyard to change its management. The consortium has mandated SBI Caps for finding a buyer for their 51 per cent equity which they got after conversion of debt. According to a report in CNBC-TV18, Reliance Defence has expressed its interest in buying 'agreed assets' of ABG Shipyard but it is not interested in buying equity stake in ABG. Liberty House has also expressed conditional interest in the company. 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.