ABG Shipyard
| Personal information | |
|---|---|
| Full name | ABG Shipyard |
| Company type | public |
| Founded | 15 March 1985 Mumbai, Maharashtra, India
|
ABG Shipyard Limitedis a shipbuilding company headquartered in Mumbai, Maharashtra, India.ABG Shipyard Ltd is a part of the ABG Group of companies with diversified business interests.
History
[edit]ABG Shipyard Ltd is part of the ABG Group with diversified business interests. The company was originally established in 1985 as Magdalla Shipyard Pvt. Ltd. In May 1995, it was renamed ABG Shipyard Pvt. Ltd., and after going public in June 1995, it became ABG Shipyard Ltd. The company is headquartered in Mumbai and operates major shipbuilding facilities in Surat and Dahej, Gujarat.
Over the years, ABG Shipyard emerged as one of India’s largest private shipbuilding companies. It built a wide range of vessels for domestic and international clients. After acquiring Western India Shipyard Limited in October 2010, the company expanded into ship repair operations in Goa. This facility became one of the largest ship maintenance and repair units in India, strengthening its position in the maritime industry.
However, the company later faced serious financial and legal challenges. In January 2019, a forensic audit conducted by Ernst & Young revealed that ABG Shipyard had allegedly defrauded a 28-member consortium of banks of around ₹22,000 crore. Following this, the State Bank of India approached the Central Bureau of Investigation to initiate an investigation. In February 2022, a lookout circular was issued against former Chairman Rishi Agarwal and others in connection with the case.
Shareholding
[edit]The shareholding pattern of ABG Shipyard Ltd primarily consisted of promoter holdings led by its founder and former chairman Rishi Agarwal and associated ABG Group entities, along with public shareholders, financial institutions, and banks. Over time, due to mounting debt and financial distress, the promoter stake declined significantly as lenders invoked pledged shares and proceedings under insolvency frameworks impacted ownership structure. As a result, institutional creditors, including major public sector banks such as State Bank of India, became key stakeholders during the resolution and recovery process.
Business career
[edit]The business career of ABG Shipyard Ltd began with small shipbuilding operations in Gujarat and expanded rapidly into one of India’s largest private shipbuilding enterprises. The company built bulk carriers, offshore vessels, and specialized ships for domestic and international clients, operating major facilities in Surat and Dahej. After acquiring Western India Shipyard Limited in 2010, it diversified into ship repair and maintenance services in Goa. At its peak, ABG Shipyard handled large-scale vessel construction and secured significant export orders, positioning itself as a key player in India’s maritime and offshore industry before financial challenges disrupted its operations.
Ideology
[edit]The ideology of ABG Shipyard Ltd was centered on industrial growth, technological advancement, and strengthening India’s maritime capabilities. The company aimed to reduce dependence on foreign shipbuilders by developing large-scale domestic shipbuilding and repair infrastructure. It focused on modernization, capacity expansion, and global competitiveness, positioning itself as a key contributor to India’s shipping and offshore sectors. Through expansion in Gujarat and Goa, ABG Shipyard sought to support economic development, boost exports, and enhance India’s presence in the global shipbuilding industry.
Social Links
[edit]References
- ^^ Jump up to: a b India Today "How ABG Shipyard sunk into ocean of debts and got booked in biggest fraud case". India Today.. Retrieved 2026-01-14.
- ^ Jump up to: a b "Business Standard. India" "ABG Shipyard completes acquisition of Western India Shipyard" . Retrieved 2026-01-10.
- ^ Jump up to: a b c "EY likely to be key prosecution witness in Rs 22,482-crore ABG Shipyard fraud case". The Economic Times. Retrieved 2025-12-17.
- ^ The Economic Times "CBI to probe role of 'public servants' in ABG Shipyard bank fraud case". India Today . Retrieved 2025-12-17.
- ^ Jump up to: a b "ABG Shipyard bags Rs 500 cr order from Shipping Corp". " Business Standard. India" . 2025-12-09. ISSN 0971-8257. Retrieved 2025-12-17.
- ^ Jump up to: a b "MSN". www.msn.com. Retrieved 2025-12-17.