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IVRCL wins irrigation and water orders worth Rs1,255 crore

Livemint:  December 23, 2014

Mumbai: Hyderabad-based infrastructure company IVRCL Ltd on Monday announced that the firm’s irrigation and water divisions have won orders worth Rs.1,255.67 crore.

The irrigation division has got an order from the Karnataka government for the Tubachi-Babaleshwar life irrigation scheme which aims to provide water from river Krishna to the drought-prone areas of three talukas in the state. The project is expected to irrigate around 80,000 acres and is worth Rs.1,022.58 crore, the firm said in a BSE filing.

The water division of the company also won two orders worth Rs.233.09 crore—one order of Rs.137.49 crore from Bharat Heavy Electricals Ltd (Bhel) and another worth Rs.95.60 crore for a rural water supply scheme in Maharashtra.

Last week, the company had announced that it was selling its 100% equity stake in Chennai Water Desalination Ltd (CWDL) to Dubai-based Utico FZC for Rs.110 crore.

As on 30 September, IVRCL had debt of Rs.3,800-4,000 crore. The company has been trying to sell certain assets to generate liquidity.

IVRCL proposal for a debt recast was approved by the corporate debt restructuring (CDR) cell in June. As part of the debt recast, IVRCL is eligible to get a fresh loan of Rs.175 crore that can be used towards meeting working capital requirements besides getting Rs.1,400 crore bank guarantees.

As on 10.58am, IVRCL shares were trading at Rs.15.30, up 4.08% on BSE, while the benchmark Sensex was trading at 27,408.24 points, up 0.13%.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

x IBEF : India Brand Equity Foundation