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

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

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