ABG Shipyard signs MOU for Acquisition of Vipul Shipyard

Mumbai, May 24 (UNI) ABG Shipyard Ltd has signed a Memorandum of Understanding (MoU) for acquisition of Vipul Shipyard (Vipul) situated adjacent to the Company's existing shipyard at Magdalla Port, District-Surat, south Gujarat.

This acquisition would facilitate further expansion of the Company's shipbuilding activities at the above shipyard and would enable the Company to enhance its shipbuilding capacity from the present 32 to 40 vessels on modular basis in future. This acquisition will facilitate the optimal use of resources in the Company's existing shipyard&new facility to synergise productivity and achieve economies of scale.

On this occasion, the Company's spokesperson said ''This acquisition is a move to augment its resources for further consolidation of shipbuilding capacity in the growing segments of offshore, coastal shipping&other avenues of shipbuilding.'' UNI