IVRCL close to raising Rs. 10bn via asset sales: Report

The funds raised from the sales will be used to reduce IVRCL’s debt, according to a financial daily.

IVRCL is reportedly close to raising ~Rs. 1,000 crore by selling some of its assets.

IVRCL is reportedly looking to sell three of its road projects in Tamil Nadu to Tata Realty & Infrastructure Ltd. (TRIL) and a desalination plant to Dubai-based water and utilities supplier, Utico FZC, by December.

The funds raised from the sales will be used to reduce IVRCL’s debt, according to a financial daily.

In July 2014, a consortium of 20 banks led by State Bank of India (SBI) approved a debt restructuring package worth INR 7,350 crore for IVRCL through the corporate debt restructuring cell.

Under the package, IVRCL also received fund and non-fund based credit worth over INR 2,000 crore.