Wednesday, 1 October 2014
IVRCL zooms on the buzz of negotiating to sell assets
IVRCL is reportedly in various stages of negotiations to conclude the sale of some of its assets, including the Chennai de-salination plant and a couple of road projects. The construction and infrastructure major, which had earlier this year secured a nod for a Corporate Debt Restructure (CDR), has also received interest from some Japanese investors in its realty initiative in Chennai. The company is in the process of reducing its debt by way of sale of its assets to free up equity and have the debt burden released. As a part of this initiative, it had been in early arrangement with TRIL, a Tata Group entity, for sale of three of its road assets located in Tamil Nadu. However, the entire process is yet to be concluded. IVRCL is engaged into engineering procurement and construction (EPC) activities in India. It conducts operations in 5 sectors namely Water and Environment, Transportation, Buildings, Power and Industrial Structures.