ABG Shipyard concludes funding

ABG Shipyard in India (ABG) has concluded a $32 million equity funding. The private sector shipyard would use the funding to expand its shipbuilding facilities to meet the anticipated demand for new ships at a cost of $103 million.

The balance funding for the expansion project, which is expected to be completed by 2007, would be raised partly through debt and a proposed initial public offer (IPO) of $23 million later in the current financial year.

ABG Shipyard managing director Rishi Agarwal said, “The support and funding that we have received from top-tier investors not only validates that Indian shipyards can compete in global market, but also puts ABG in a strong spot to build on its growing leadership position with in the industry.”