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ABG Shipyard to get Rs 650 crore infusion from banks under CDR

10 Sep 2014 Evaluate

ABG Shipyard, which is under a corporate debt restructuring (CDR),  will receive Rs 650 crore infusion from lenders by this month-end as part of the Rs 10,000-crore debt recast deal worked out in March. The Surat-headquartered company is confident of successfully getting out of the corporate debt restructuring cell in two years. The company has convinced the 22-bank consortium led by State Bank, which had two specific reservations, and has got sanction for release of the money.

Further, ABG has promised that promoters will be pledging their 68 per cent holding in the company by March 2015.

ABG Shipyard is engaged in the business of carrying shipbuilding and ship repair business. The company has emerged as the largest private sector shipbuilding yard in India with satisfied customer base all around the world.

 

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