ABG Heavy Industries

With reference to the news item appearing in a leading financial daily titled "Foreign Ship Cos race for stake in ABG Heavy", ABG Heavy Industries Ltd has clarified as under:

"1. The news item states that the Company has been approached by investors for investment in the Company and its subsidiary. This information has been sourced through own sources of the newspaper. The Company has not approached them. The news regarding restructuring of business also emanates from the sources of the newspaper and has nothing to do with us.

2. With regard to the need of capital and bringing in Investors, the press release clarifies that it is at a very preliminary stage and hence do not merit disclosure at this stage.

3. The notice convening the Extra-Ordinary General Meeting of the Members of the Company for change of name to ABG Infralogistics Ltd. is already submitted to the exchange.

4. Bidding for projects like Paradip coal terminal or Karwar deep see port is the normal business of the Company. Upon being successful in the BID, necessary information will be submitted to the Exchange.