IVRCL has put up Rs 4,000 crore worth of assets for sale in order to come out of debt burden in the next two years once the sale is successful. The assets for sale include road projects (both operational and under construction) and desalination plant in Chennai.
The Corporate Debt Restructuring Empowered Group had earlier approved the company´s proposal for a debt recast package of Rs 7,300 crore. IVRCL is currently engaged in discussion with Tata Group firm TRIL Roads to offload three road projects. IVRCL owns seven road projects, including three operational and expects Rs 1.85 crore from toll collection daily once all the projects become operational.
The company holds a 75 per cent stake in Chennai Water Desalination Ltd (CWDL), which invested around Rs 600 crore to set up a 100 million litre a day seawater desalination plant in Chennai.