ABG Shipyard to acquire Gujarat based Vipul

New Delhi, May 24: ABG Shipyard Ltd today said it has signed a Memorandum of Understanding (MOU) for acquisition of Gujarat-based Vipul Shipyard.

The company plans to augment its existing shipbuilding activities at its shipyard and this acquisition will enable the company to enhance its shipbuilding capacity from the present 32 to 40 vessels on modular basis in future.

The acquisition will provide substantial land with good water front to the its resources along with slipway and other necessary plant and equipment for shipbuilding, a statement said here today.

With an aim to synergise productivity and achieve economies of scale the company's spokesperson said the move will further consolidate its shipbuilding capacity in the growing segments of offshore, coastal shipping and other avenues of shipbuilding.

UNI