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ABG Heavy in negotiations for equity stake sale

Mumbai: ABG Heavy Industries is reported to have been approached by a number of investors looking to purchase a stake in the company including Israel-based Zim Integrated Shipping Services and Geneva-based Mediterranean Shipping Company, reports India's Economic Times. PSA, which already owns a 12% stake in the company is also believd to be looking to increase its ownership.

ABG Heavy hopes to fund a number of expansion projects with the capital raised. Company md Saket Agarwal (who owns 60% of the company in conjunction with his brother Rishi Agarwal - pictured) told the newspaper, "We are in a capital-intensive sector, and need capital to grow. We are looking at bringing in investors, but our talks are at a very preliminary stage." [03/10/07]

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