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ABG Shipyard to fund new shipyard through share sale

Mumbai: Leading private sector Indian shipbuilder ABG Shipyard has announced that it plans to raise approximately Rs 8bn ($2bn) in funds through a share sale in the third quarter of this year, that will not only fund the construction of its third shipyard, but also the expansion of its current yard in Surat.

Although the location of the yard is yet to be announced, ABG md Rishi Agarwal has told SeatradeAsia-Online that it is likely to be in Gujarat - the same Indian state as its current Surat yard and its new Dhaej Yard.

The shipbuilder is said to be in talks with a number of financial institutions, including ICICI Bank, to underwrite the deal. ABG currently boasts an orderbook worth over $2bn.  [02/04/08]

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