ABG Shipyard Limited

ABG Shipyard Limited is an Indian company involved in the business of shipbuilding and ship repair. Here is an overview of the company:

Overview:

1. Foundation and Location:

   • Founded in 1985, ABG Shipyard Limited is based in India.
   • The company has its registered office in Mumbai and operates shipyards in Dahej and Surat, both located in the state of Gujarat, India.

2. Business Focus:

   • The company specializes in building a wide range of ships, including bulk carriers, offshore vessels, container ships, aircraft carriers, and more.
   • ABG Shipyard also engages in ship repair and maintenance services.

Historical Context:

1. Growth and Expansion:

   • ABG Shipyard experienced significant growth in the early 2000s, becoming one of the prominent private sector shipbuilding companies in India.
   • The company has delivered vessels to various clients globally, contributing to both the civilian and defense sectors.

2. Financial Challenges:

   • Despite its initial success, ABG Shipyard faced financial difficulties, particularly during the late 2010s.
   • Excessive debt and poor financial health led to insolvency proceedings.
   • In 2017, ABG Shipyard was among the companies listed by the Reserve Bank of India (RBI) to undergo insolvency resolution under the Insolvency and Bankruptcy Code (IBC).

Recent Developments:

1. Insolvency Proceedings:

   • The National Company Law Tribunal (NCLT) oversaw the insolvency proceedings for ABG Shipyard.
   • Various attempts were made to find a resolution, including efforts to sell the company's assets or bring in new investors.

2. Impact on the Sector:

   • The challenges faced by ABG Shipyard have had broader implications for the shipbuilding industry in India, emphasizing the need for sustainable financial practices and potentially drawing attention to policy reforms.

Products and Services:

1. Shipbuilding:

   • The company has delivered over 165 vessels, including specialized ships such as anchor handling tug supply (AHTS) vessels, diving support vessels, and multi-purpose support vessels.

2. Ship Repair:

   • ABG Shipyard offers comprehensive repair services for various types of ships, contributing to its service portfolio.

Key Takeaways:

• ABG Shipyard Limited was once a prominent player in India's shipbuilding industry but faced significant financial distress.
• The company's insolvency proceedings have made it a case study in the challenges faced by the shipbuilding sector in India.
• Despite its struggles, ABG Shipyard's contributions to shipbuilding remain noteworthy, having built a diverse range of vessels for both domestic and international clients.

For the latest and most specific information, it would be beneficial to refer to recent updates from financial news sources, company filings, or official announcements.