India’s largest private shipbuilder ABG Shipyard, which is in dire financial trouble, has failed to hook in a new investor. Vietnam-based Masan Group had been linked with taking a stake in the yard, but local media is now reporting the Vietnamese firm has withdrawn its interest in ABG.
The yard’s creditors are now mulling selling of its assets in order to recover some of the debts owed.
ABG has been going through a corporate debt restructuring since last year.
New Delhi has recently announced a raft of packages to boost shipbuilding in the country as part of its ‘Made in India’ campaign.