 "ABG Shipyard to get strategic investor by 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, managing director and chief executive officer of the company told reporters on the sidelines of the Make In India event held here today.
Earlier, the company was in talks with Germany-based firm Privinvest Holding. Deal with which did not make much headway.
"Privinvest is more for our future projects and so cannot say is out of list. But we need an investor for our existing projects as well," Abdi said.
With an order book of over Rs 12,000 crore, ABG Shipyard is looking to bag naval and defence orders going ahead.
The company is considering consortiums, along with domestic as well as overseas entities for the majority 51% stake sale.