UK-based global metals and engineering firm controlled by billionaire Sanjeev Gupta Liberty House Group is planning to buy-out India's debt-laden ABG Shipyard.
According to a report in the Business Standard
, Liberty House has proposed a new business model to the National Company Law Tribunal (NCLT) as part of its acquisition plan of ABG Shipyard.
The plan includes a ship breaking facility, along with the existing shipbuilding and repair space.
The newspaper report quoted sources saying that the negotiations are on. There will be more clarity on the deal soon.
ABG Shipyard is one of the 12 firms on the Reserve Bank of India (RBI)’s list to be forced into bankruptcy under a new regulation for failing to repay their debts.
Liberty House was recently in news in India for buying out Tata Steel UK’s specialty steel business.