Construction and infrastructure major IVRCL is in various stages of negotiations to conclude the sale of some of its assets, including the Chennai de-salination plant and a couple of road projects.
The Hyderabad-based company, which had earlier this year secured a nod for a Corporate Debt Restructure (CDR), has also received interest from some Japanese investors in its realty initiative in Chennai.
The company is in the process of reducing its debt by way of sale of its assets to free up equity and have the debt burden released. As a part of this initiative, it had been in early arrangement with TRIL, a Tata Group entity, for sale of three of its road assets located in Tamil Nadu. However, the entire process is yet to be concluded.
According to company sources, the divestment of stake in the Chennai de-salination plant is at an advanced stage and is likely to be concluded by early next year. The company has also received interest from Japanese investors in the Chennai real estate project.
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