ABG Shipyard to get strategic investor by year-end

Firm seeks Rs 700 cr working capital for existing projects; talks with Germany's Privinvest Holding did not materialise

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 that have 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, but was not able to finalise the deal.

"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.

The company already has an order book of over Rs 12,000 crore, and is looking to bag naval and defence deals going ahead.

ABG Shipyard is considering consortiums, along with domestic as well as overseas entities, for the 51 per cent majority stake sale.