Mumbai: The backers of financially troubled ABG Shipyard may sell a stake to Privinvest Holding, a filing to the Bombay Stock Exchange confirmed today.
The Beirut-headquartered naval and commercial shipbuilder has issued ABG with a firm expression of interest, the shipyard said.
“We are in discussion with them for a strategic stake sale,” ABG said in the filing. India’s largest private shipyard has been in a debt workout scheme for a couple of years.
Privinvest Holding owns Nobiskrug and ADM Kiel shipyards in Germany; Hellenic Shipyards in Greece, the CMN yard in France and Logistics International SAL ADM Shipyards in the UAE.
ABG missed payments to some banks last month, putting further pressure on the yard. Its share price has dropped 43% in the last 12 months.
