September 06, 2008

ABG Shipyard may set up mega shipyard in Surat

Exim News Service reported that ABG Shipyard Limited is planning an INR 1,400 crore shipyard in Surat besides its existing facility.

The new facility would be capable of building large ships, including VLCCs, as compared to the existing capacity of building ships only up to 120,000 DWT.

The report cited an official of ABG Shipyard as saying that "We are trying to synergize facilities and manpower for the yard expansion."

As per report, ABG Shipyard may sell at least 15% stake to raise USD 200 million at current market prices to finance the new project.