Liberty House Group, the UK-based global metals and engineering firm controlled by billionaire Sanjeev Gupta, is in discussions to buy out India’s debt-laden ABG Shipyard with a view to adding shipbreaking to its range of business operations.
ABG has sought investors for a long time. It became India’s largest privately held shipyard before entering severe financial difficulties with bankruptcy proceedings initiated against it last month. It is involved in repair as well as newbuildings.