AsiaShipyards

ABG Shipyard to offload Goa repair yard

India’s ABG Shipyard  decided at a board meeting yesterday to sell off subsidiary Western India Shipyard.

Western India Shipyard is a ship and rig repair yard based in Goa and has capacity to repair ships up to 60,000 dwt.

ABG Shipyard says that company officials have been given the go ahead to invite suitable bids for the yard and negotiate the best price, terms and conditions for the sale.

The news sent ABG Shipyard shares up 3.3% in early morning trade, and comes on the back of ICICI Bank announcing earlier this week it had taken an 11% stake in the yard following a debt-for-equity deal.

Tags

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Comments

  1. The question now is who will invest in a facility which is in shambles. The floating dry dock is at the end of its life. Lease concession (for the waterfront facilities) will expire in a year’s time. Labour in the area is volatile. This is a no go.

Back to top button
Close
Close