ABG Shipyard may get strategic investor end March

Debt-laden ABG Shipyard which has been scouting for a strategic investor for quite sometime now is likely to get one by the end of current fiscal. ´We need an investor for our existing projects which has a working capital requirement of Rs.500-700 crore,´ Syed Abdi, MD & CEO, ABG Shipyard, told reporters on the sidelines of the Make In India event. Earlier, the company was in talks with Germany-based firm Privinvest Holding but the deal did not make much headway. ´Privinvest is more for our future projects and so I cannot say it is out of the list. We need an investor for our existing projects as well,´ Abdi said. The company is considering consortiums, along with domestic as well as overseas entities for the majority 51 per cent stake sale. With an order book of over Rs.12,000 crore, ABG Shipyard is looking to bag naval and defence orders as well.