ABG Shipyard bags Rs 500 cr order from Shipping Corp

ABG Shipyard, the flagship firm of ABG Group, today said it has bagged an order worth Rs 500 crore from Shipping Corporation of India (SCI) for construction of six new vessels.

"The company has received a prestigious order for construction of six numbers of Bollard Pull AHTS Vessels from SCI," the country's largest private shipbuilder said in a filing to the BSE.

The company said the price of the vessels is $101.40 million (about Rs 500 crore) and they will be delivered in a timeframe of 15 to 25 months from the date of signing the contract, with a gap of two months for each vessel.

The orders, an SCI official said, are a part of the state-owned firm's plans to acquire 24 vessels.

SCI currently has 81 vessels with a DWT (deadweight tonnage) of 5.82 million tonne and an average age of 14 years. The corporation aims to augment the size of its fleet to 93 vessels with cumulative DWT of 6.17 million tonne.

Shares of the ABG Shipyard were being quoted at Rs 406.00 apiece in afternoon trade on the BSE, up 5.10% from their previous close.