ABG Shipyard, one of the largest shipbuilding companies in India announced its intentions to build a Greenfield shipyard in three phases along the Gujarat coastline with an estimated investment of Rs 50 billion.

The company has submitted its proposal to the state government during the on-going Vibrant Gujarat Global Investors Summit 2013.

Apart from the proposed investment, ABG Shipyard (Q,N,C,F)* has also planned to expand its facilities at Dahej and Magdalla in three phases, with an estimated investment of Rs 20 billion.

Shares of the company declined Rs 1.35, or 0.34%, to trade at Rs 401.15. The total volume of shares traded was 5,173 at the BSE (3.30 p.m., Friday).