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Construction : Project Update | December 2015 | Source : Infrastructure Today

IVRCL to get Rs.400 crore from sale of TN road projects

Hyderabad-based infrastructure player IVRCL Limited will receive Rs.400 crore from the sale of three road projects in Tamil Nadu after the delayed monetisation resulted in a loss in value of the projects.
The company said the sale consideration for divestment in the three road projects- Salem Tollways Ltd, Kumarapalayam Tollways and Chengapalli Tollways- was lower than the stated value of investments and outstanding advances, and will result into an aggregate loss of Rs.327.6 crore.
┬┤The three projects have a debt of Rs.1,500 crore. The interest costs, about Rs.200 crore a year, had accrued on the debt due to delay in execution of the deal, a senior official said.

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