May 24, 2007
India's ABG set to buy Vipul Shipyard
India's ABG Shipyard Ltd says it has signed a Memorandum of Understanding (MOU) for acquisition of the Vipul Shipyard (Vipul) situated adjacent to the company's existing shipyard at Magdalla Port, District-Surat, Gujarat.
ABG says the acquisition "will add substantial land with a good water front to its resources along with slipway and other plant and equipment for shipbuilding."
This acquisition will enable ABG to enhance its shipbuilding capacity from the present 32 to 40 vessels on modular basis in future.
An ABG spokesperson said that "this is a strategic acquisition for ABG considering the location of Vipul, which is adjacent to the existing shipbuilding facility of ABG at Surat and this acquisition is a move to augment its resources for further consolidation of shipbuilding capacity in the growing segments of offshore, coastal shipping and other avenues of shipbuilding."