Welspun Corp acquires specified assets of ABG Shipyard

24 Sep 2022 , 01:31 AM

Welspun Corp announced that the Liquidator of ABG Shipyard has declared Welspun as a successful bidder in terms of the Process Memorandum for the private sale of specified assets of ABG Shipyard in liquidation under the provisions of the Insolvency Bankruptcy Code 2016 IBC In terms of Clause 68 of the Process Memorandum read with the Clause 2 of the Award Letter issued by the Liquidator Welspun Corp and its wholly owned subsidiary has paid on 21 September 2022 Rs 659 crore plus applicable taxes towards the entire purchase consideration The partially built obsolete ships and scrap acquired under Welspun Corp is estimated to be over ~ 150000 MT It is estimated that its potential value would be unlocked within 12-15 months from completion of the acquisition