ABG Shipyard plans to revive Western India Shipyard

Mumbai, Sept. 14 (PTI): Private sector ship builder 'ABG Shipyard' Thursday said it will revive Western India Shipyard Ltd., (WISL) for which a scheme of arrangement has been approved.
WISL, country's largest composite ship and rig repair facility in the private sector, is strategically located at Goa and is geographically best positioned to offer a complete range of ship repair services.
The board of directors of the company at its meeting yesterday approved ABG Shipyard's involvement for revival and rehabilitation of WISL, ABG Shipyard said in a filing to the Bombay Stock Exchange.
The scheme provides certain options for the restructuring or one time settlement of the debt of the secured lenders of WISL, along with other matters, including re-organisation of share capital of WISL.
The revival would be subject to requisite approvals including those of stock exchanges under the listing agreement, shareholders and creditors of WISL, and sanction by the Bombay High Court.
Shares of the the company were trading at Rs 618.25, up 3.18 per cent on BSE in afternoon trade.

Source: The Hindu. Republication