Liberty House in talks to buy beleaguered ABG Shipyard

Decision likely in 10 days; debt-laden shipbuilding company named by RBI for NCLT proceedings

UK-based Liberty House, which recently bought Tata Steel UK’s speciality steel business, is in talks with debt-laden ABG Shipyard for a buyout. 

“Negotiations are on. There will be more clarity on the deal within the next 10 days,” a source close to the development told Business Standard.

The Reserve Bank of India had asked banks to take ABG Shipyard to the National Company Law Tribunal (NCLT) for debt resolution. The Liberty House proposal could be presented as a “pre-approved package” before the tribunal.  

Liberty House, which has revenue of $6.8 billion, owns SIMEC Shipping, which operates the group’s port