Dilip Shanghvi in talks for a stake buy in ABG Shipyard

Troubled shipbuilder ABG Shipyard is looking for a white knight and it's now pinning hopes on India's richest man Dlilip Shanghvi for a bailout. Three independent sources with direct knowledge share that Shanghvi’s investment arm Dilip Shanghvi Family & Associates (DFA) has been approached to buy 30% stake in ABG Shipyard for around Rs 2000 cr.

“Dilip Shanghvi’s arm is said to be evaluating the deal and its still early days” a source with direct knowledge said. L&T is also in the fray to buy a stake in ABG Shipyard, sources confirmed. ABG Shipyard deal has been shown to M&M and Munjal family in the past but they are out of the deal, a source shared.

DFA with ace investor Sudhir Valia has signed many big deals including investments in debt-laden Suzlon and hopes are high that Dilip Shanghvi, who is said to be interested in the defence sector, may look at the ABG Shipyard deal closely.

ET Now spoke to ABG Shipyard’s Rishi Agarwal said, “We are in discussion with many strategic players for a stake sale.” Dilip Shanghvi’s investment denied deal talks.