Buzzing Stock: Liberty House Group plans to buy ABG Shipyard
DSIJ Intelligence / 07 Aug 2017
The UK-based Liberty House Group (LHG) is planning to buy the debt-ridden ABG Shipyard. Accordingly, LHG has proposed a plan to National Company Law Tribunal (NCLT) for acquisition of ABG Shipyard.
The UK-based Liberty House Group (LHG) is planning to buy the debt-ridden ABG Shipyard. Accordingly, LHG has proposed a plan to National Company Law Tribunal (NCLT) for acquisition of ABG Shipyard.
LHG plans a ship breaking facility considering the existing ship building and repair unit. It aims to generate steel scrap through the process of ship breaking and melt the scrap for further heavy melting steel to be sold in the Indian market.
Currently, ABG Shipyard is facing bankruptcy proceedings for failing to repay the debt.
The company's stock opened at Rs 12.75 on the BSE and recorded intra-day high and low of Rs 13.59 and Rs 12.75, respectively.
ABG Shipyard builds ships and floating structures in India and internationally. It also provides repair services, such as jumboising, ship conversion, refurbishment, modernisation, upgradation, retrofitting, and rebuilding services that are offered for a host of vessels, including tankers, bulk carriers, container vessels and coast guard vessels.
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