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This is an old revision of this page, as edited by Amitized (talk | contribs) at 04:11, 15 February 2022 (→History: added info about bank fraud by CBI). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

ABG Shipyard Ltd.
Company typePublic company
BSE: 532682
NSE: ABGSHIP
IndustryShipbuilding
Founded1985
Headquarters
Mumbai
,
India
Key people
Rishi Agarwal (Chairman)
Ram Swaroop Nakra (Managing director)
DP Gupta (Vice president)
Subas Gantayat (Vice president)
ServicesShip design
Ship building
Ship repair
Number of employees
250
Divisions2
Websiteabgindia.com

ABG Shipyard Limited is an Mumbai based shipbuilding company in India.

History

ABG Shipyard Ltd is a part of the ABG Group of companies with diversified business interests. Established in 1985, it is headquartered in Mumbai.[1] It has shipbuilding operations in Surat and Dahej in Gujarat. Following its acquisition of Western India Shipyard Limited in October 2010, it operates a ship repair unit in Goa which is the largest ship maintenance facility in India.[2]

ABG became one of the largest private ship building companies in India with a capacity to manufacture vessels up to 20 tonnes in weight.[3] In January 2019, a forensic audit by E&Y revealed that ABG had defrauded a 28 member consortium of bankers to the tune of Rs 22000 crores[4]. Following this in November 2019, State bank of India petitioned CBI to conduct an investigation. CBI asked the bank to investigate at their level to check for involvement of bank insiders which was ruled out subsequently. Post this in September 2020 SBI filed a fresh complaint seeking investigation in to the role of public servants and other persons in the fraud.[5]

Products

ABG Shipyard Ltd builds a range of commercial vessels. These include self-loading and self-discharging bulk carriers, container ships, floating cranes, split barges, anchor handling tugs, dynamic positioning ships, offshore supply vessels and diving support vessels.

ABG Shipyard Ltd was granted clearance from the Government of India to build warships and various other vessels for the Indian Navy. It was the second corporate shipyard to receive this licence after Pipavav Shipyard.

In 2004, it was awarded a contract to build pollution-control vessels for the Indian Coast Guard.[6][7] In 2009, the Shipyard was selected to build 11 high-speed water jet propelled interceptors for the Coast Guard.[8]

In June 2011, ABG Shipyard Ltd was awarded a ₹9.7 billion (US$120 million) deal to build two cadet training ships for the Indian Navy.[9] In January 2012, it won an order of 5 billion order from Shipping Corporation of India taking its order book to about ₹200 billion (US$2.4 billion).[10] In July 2017, the company agreed to file for insolvency.[11]

Peers

See also

References

  1. ^ "Sebi disposes of case against ABG Shipyard". The Economic Times. Retrieved 7 June 2021.
  2. ^ "ABG Shipyard completes acquisition of Western India Shipyard". Business Standard. 15 October 2010. Retrieved 10 September 2011.
  3. ^ Maulik, Pathak. "After 5 auctions, ABG Shipyard assets to be sold privately". The Times of India. Retrieved 7 June 2021.{{cite web}}: CS1 maint: url-status (link)
  4. ^ Ohri, Raghav. "EY likely to be key prosecution witness in Rs 22,482-crore ABG Shipyard fraud case". The Economic Times. Retrieved 15 February 2022.
  5. ^ Ohri, Raghav. "CBI to probe role of 'public servants' in ABG Shipyard bank fraud case". The Economic Times. Retrieved 15 February 2022.
  6. ^ "Coast Guard staff had role in swinging deal with ABG". IBN Live. 19 December 2007. Archived from the original on 26 January 2013. Retrieved 10 September 2011.
  7. ^ "Rolls-Royce and ABG Shipyard Ltd prepare Indian Coast Guard for oil emergency role". Rolls-Royce plc. 25 October 2004. Retrieved 10 September 2011.
  8. ^ "Interceptor boats built by ABG commissioned at Kochi". The Times of India. 31 March 2011. Archived from the original on 3 January 2013. Retrieved 10 September 2011.
  9. ^ "ABG Shipyard inks Rs 970-cr deal with Indian Navy". The Hindu Business Line. 28 June 2011. Retrieved 10 September 2011.
  10. ^ "ABG Shipyard bags Rs 500 cr order from Shipping Corp". Business Standard India. 1 February 2012. Retrieved 7 June 2021.
  11. ^ Pathak, Maulik (20 July 2017). "ABG Shipyard agrees to insolvency proceedings". mint (newspaper). Retrieved 7 June 2021.{{cite web}}: CS1 maint: url-status (link)
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