India’s financially troubled ABG Shipyard is now in advanced talks with a Russian shipbuilder for the sale of its controlling stake, Business Standard reports.
According to one of the shipyard’s lenders, the Russian company has received internal approvals for the deal. Creditors now own a 49% stake of the struggling company, led by State Bank of India, and last month enlisted the help of Rothschild to find it a new owner.
More recently, the company made the decision to sell off subsidiary Western India Shipyard and started to invite suitable bids.
