Shapoorji Pallonji, Liberty House, M&M in race to buy ABG Shipyard

Shapoorji Pallonji, Liberty House, M&M in race to buy ABG Shipyard
14/10/2017 , by , in ALLIED

Mahindra & Mahindra (M&M), Shapoorji Pallonji Group and Liberty House of the UK are competing to acquire debt-laden ABG Shipyard, as a consortium of lenders led by ICICI Bank increased efforts to sell the company to recover money.

All three have separately bid for the assets with offers ranging between Rs 3,000 crore and Rs 3,500 crore, under which the lenders will have to take a haircut of around 70% on the total outstanding debt of the company.

ABG has a total outstanding debt of around Rs 16,400 crore to 22 lenders and the company is among the 12 firms identified by RBI and referred to the National Company Law Tribunal (NCLT) bankruptcy proceedings under the Insolvency and Bankruptcy Code.

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