ABG Shipyard
An Indian shipbuilding company that constructed commercial, offshore, naval-support and specialized vessels before entering insolvency and liquidation proceedings.
Last updated August 26, 2026
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Overview
ABG Shipyard was an Indian shipbuilding company headquartered in Mumbai, Maharashtra, with shipbuilding facilities at Surat and Dahej in Gujarat and a ship-repair operation in Goa. It was established in 1985 as Magdalla Shipyard Private Limited, renamed ABG Shipyard Private Limited in 1995, and subsequently converted into a public company under the name ABG Shipyard Limited. The company operated within the diversified ABG Group and became one of India’s most prominent privately owned shipbuilders during the expansion of the country’s maritime and offshore industries. The company’s business covered a broad range of commercial and industrial vessels. Its recorded output and order activity included self-loading and self-discharging bulk carriers, container ships, floating cranes, split barges, anchor-handling tugs, dynamically positioned vessels, offshore supply vessels and diving-support vessels. ABG also received approval from the Government of India to build warships and other vessels for the Indian Navy, making it one of the early Indian corporate shipyards to obtain such authorization. Its government-related work included pollution-control vessels for the Indian Coast Guard and high-speed water-jet interceptors. In 2011, it received an order to construct two cadet training ships for the Indian Navy, and in 2012 it secured a substantial order from the Shipping Corporation of India. ABG expanded its capabilities through the acquisition of Western India Shipyard Limited in October 2010. This gave the group a ship-repair facility in Goa, described in public reference material as India’s largest ship-maintenance facility at the time. The company’s Gujarat operations and its broader repair and construction footprint positioned it to serve commercial shipping, offshore services, government customers and maritime infrastructure projects. Its reported manufacturing capacity and extensive order book reflected the scale reached during its strongest period. The company’s financial position deteriorated during the 2010s. The downturn in shipbuilding and shipping, weaker demand, financing pressure, project execution difficulties and a large debt burden contributed to the company’s inability to meet its obligations. A forensic review commissioned by State Bank of India and conducted by Ernst & Young reported alleged diversion and misuse of funds involving a consortium of lenders. The allegations became the subject of criminal investigations and public scrutiny. These allegations are distinct from the company’s earlier commercial activities and should not be treated as findings against every employee or business partner. ABG Shipyard agreed to enter insolvency proceedings in 2017 under India’s insolvency framework. Attempts to obtain a workable resolution did not restore the company as a going concern, and the process later moved toward liquidation. By the early 2020s, ABG Shipyard was no longer operating as a normal shipbuilding business. Its legacy remains significant in India’s private shipbuilding sector because it combined a wide commercial product range, government and naval contracting ambitions, an expansion into ship repair, and one of the country’s most prominent corporate insolvency and alleged bank-fraud cases.
History
ABG Shipyard began in 1985 as Magdalla Shipyard Private Limited. In May 1995, the company adopted the ABG Shipyard name as a private company, and in June of the same year it became ABG Shipyard Limited after going public. The business was part of the wider ABG Group, whose interests extended beyond shipbuilding. The company’s main corporate headquarters were in Mumbai, while its principal construction facilities were in Gujarat at Surat and Dahej. These yards supported the construction of commercial and industrial vessels. ABG developed into one of India’s larger private shipbuilders and built a varied portfolio rather than concentrating on one vessel category. Its documented products included bulk carriers capable of self-loading and self-discharging, container ships, floating cranes, split barges, anchor-handling tugs, dynamic-positioning vessels, offshore supply vessels and diving-support vessels. ABG also pursued government and defense-related work. The Government of India authorized it to construct warships and other vessels for the Indian Navy. In 2004, the company received a contract to build pollution-control vessels for the Indian Coast Guard. In 2009, it was selected to build 11 high-speed, water-jet-propelled interceptor craft for the Coast Guard. In June 2011, it received an order for two cadet training ships for the Indian Navy. The following year, it won an order from the Shipping Corporation of India, taking its reported order book to approximately ₹200 billion according to contemporary reference material. The company broadened its maritime capabilities through the acquisition of Western India Shipyard Limited in October 2010. The acquisition added a ship-repair facility in Goa, which public sources described as the largest ship-maintenance facility in India. This combination of new-build yards and repair capacity gave ABG exposure to both vessel construction and lifecycle maintenance. The business later came under severe financial strain. Public accounts associate the deterioration with the difficult Indian and global shipbuilding environment, declining or delayed orders, project and financing pressures, and high leverage. ABG agreed to file for insolvency in July 2017. The company’s financial problems subsequently became linked to allegations of the diversion or misuse of funds raised from a consortium of banks. A forensic audit by Ernst & Young, initiated by State Bank of India, was reported in January 2019. The audit alleged that funds had been diverted and used in ways that caused losses to lenders, including alleged use of new financing to service other lenders and obtain letters of credit. State Bank of India referred the matter to the Central Bureau of Investigation in November 2019. A fresh complaint followed in September 2020, seeking examination of the possible involvement of public servants and other individuals. In February 2022, a lookout circular was reported against former chairman Rishi Agarwal and others. These matters concern allegations and investigations; they should not be represented as final findings against all parties without a specific adjudicated source. The insolvency process did not produce a viable operating revival. With no executable resolution plan emerging, the company moved toward liquidation. ABG Shipyard consequently ceased to function as a normal going concern. Its history illustrates both the growth of India’s private shipbuilding capacity and the vulnerability of capital-intensive shipyards to cyclical demand, cost escalation, delayed contracts, leverage and dependence on bank financing.
- 2022
Lookout circular reported in fraud investigation
[1]A lookout circular was reported against former chairman Rishi Agarwal and others in the investigation.
- 2019
Forensic audit reports alleged bank-fund irregularities
[1]An Ernst & Young forensic audit initiated by State Bank of India reported alleged diversion and misuse of funds involving bank lenders.
- 2017
Agrees to enter insolvency proceedings
[1]ABG agreed to file for insolvency resolution after failing to overcome its financial difficulties.
- 2012
Wins Shipping Corporation of India order
[1]The company received a major order from Shipping Corporation of India, with contemporary reporting placing its order book at roughly ₹200 billion.
- 2011
Receives order for two naval cadet training ships
[1]ABG was awarded a contract to build two cadet training ships for the Indian Navy.
- 2010
Acquires Western India Shipyard
[1]The acquisition expanded ABG’s activities into ship repair through a Goa facility.
- 2009
Selected to build Coast Guard interceptor craft
[1]The company was selected to construct 11 high-speed water-jet-propelled interceptor vessels for the Indian Coast Guard.
- 2004
Wins Indian Coast Guard pollution-control vessel contract
[1]ABG received a contract to build pollution-control vessels for the Indian Coast Guard.
- 1995
Adopts the ABG Shipyard name and becomes public
[1]The company changed its name to ABG Shipyard Private Limited in May and became ABG Shipyard Limited after going public in June.
- 1985
Company established as Magdalla Shipyard
[1]The business was established in India as Magdalla Shipyard Private Limited.
Products and positioning
A large Indian private shipbuilder serving commercial shipping, offshore engineering, maritime government agencies and selected naval customers.
Commercial shipbuilding
Commercial vessels
Commercial vessel construction was the foundation of ABG Shipyard’s business. The company served shipping and industrial customers with a range of cargo, work and support vessels. Its documented portfolio included bulk carriers, container ships, barges, tugs and offshore vessels, demonstrating an emphasis on project-based construction rather than a single standardized product family.
Bulk carriers
Self-loading and self-discharging bulk carriers
ABG’s listed commercial portfolio included self-loading and self-discharging bulk carriers. These vessels are designed to handle bulk cargo with onboard loading or unloading equipment, making them useful where port infrastructure is limited or specialized cargo-handling flexibility is required.
Container shipping
Container ships
Container ships formed part of the company’s commercial shipbuilding offering. Public reference material identifies the vessel type but does not provide a complete model-by-model catalogue, launch history or customer list for the vessels built under this category.
Offshore support
Offshore and work vessels
ABG constructed vessels for offshore and near-shore industrial work, including anchor-handling tugs, dynamic-positioning ships, offshore supply vessels and diving-support vessels. These craft support offshore logistics, towing, subsea work and platform-related operations.
Coast Guard vessels · 2004
Pollution-control vessels
The company built pollution-control vessels for the Indian Coast Guard under a contract awarded in 2004. These vessels were intended for maritime environmental-response duties, although public reference material does not provide a complete technical specification or class history.
Fast patrol and interceptor craft · 2009
High-speed interceptor craft
In 2009, ABG was selected to build 11 high-speed interceptor vessels for the Indian Coast Guard. The craft were described as water-jet-propelled and were intended for rapid maritime patrol and interception duties.
Naval training vessels · 2011
Cadet training ships
ABG received a 2011 order to construct two cadet training ships for the Indian Navy. The vessels were intended to support maritime training, although publicly available material does not establish a complete technical description or delivery record.
Ship repair and maintenance · 2010
Ship repair services
Through its acquisition of Western India Shipyard Limited in 2010, ABG added ship repair and maintenance to its business scope. The Goa facility gave the group a presence in vessel servicing in addition to new-build construction.
Controversies
2019
Alleged bank-fund diversion and fraud
A forensic audit by Ernst & Young, initiated by State Bank of India, reported alleged diversion and misuse of funds involving a 28-bank consortium. Public accounts describe allegations that funds were used for purposes including servicing other lenders and obtaining letters of credit. State Bank of India referred the matter for investigation, and later complaints sought examination of possible roles played by public servants and other individuals. The allegations and investigations should not be treated as final findings against every person or entity connected with the company.
Brand decisions
2017
Decision to pursue insolvency resolutionOtherBackground
ABG faced substantial debt, financing pressure and difficulty meeting its obligations amid a challenging shipbuilding environment.
Action taken
The company agreed to file for insolvency proceedings under India’s insolvency framework.
Aftermath
The insolvency process did not produce an executable revival plan and subsequently moved toward liquidation, ending the company’s normal operating life.
2010
Acquisition of Western India Shipyard LimitedM&ABackground
ABG sought to broaden its maritime business beyond new-build construction and gain access to ship-repair infrastructure.
Action taken
The company acquired Western India Shipyard Limited and added a repair facility in Goa to its operating footprint.
Aftermath
The transaction expanded ABG’s presence in ship maintenance, although the company later experienced severe financial distress and did not remain a going concern.
Sources1 sources
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