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Shipping | November 15, 2013
#40110

ABG Shipyard's Rs 11,000 cr loan may be restructured

On the proposal to restructure Rs 11,150-crore loan extended to ABG Shipyard, a group of lenders led by ICICI Bank may take a decision soon. ABG Shipyard is the country's largest privately owned shipbuilding company.    The Mumbai-based ABG Shipyard has sought an additional loan of Rs 1,200 crore and a longer repayment period of 10 years, including a moratorium of two years, for its term loan.    ABG Shipyard has faced liquidity crunch due to the economic slowdown. The company's promoter, Rishi Agarwal will have to infuse Rs 200-300 crore capital and provide a personal guarantee, they said. Dhananjay Datar, CFO of ABG Shipyard, confirmed the company's proposal to the lenders.

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