Western India Shipyard for Sale
ABG Shipyard Ltd, which was one of the largest shipbuilding company in the country operating in the private domain, has decided to divest its entire stake in its subsidiary Western India Shipyard Ltd (WIS).
The company’s board has agreed to invite suitable bid from the prospective investor and negotiate the deal including best price, it said in a filing with stock exchanges.
"Board of Directors of the company, in their meeting held today, i.E. October 6, 2016 have decided and approved, inter alia, divestment of its subsidiary Western India Shipyard Ltd and authorised Executive Director and other company officials, jointly to invite suitable bid from the prospective investors and negotiate the deal including the best price, terms and conditions with them," it said in a regulatory filing.
WISL posted a loss of 34.66 crore in financial year 2015. In June 2015, the shipyard posted a further 9.51 crore loss, after which it ceased operations.