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Madhucon Projects Ltd is close to achieving financial closure for two road projects and expects to complete the process by October end.
The company has just about completed financial closure for Vijayawada-Machilipatnam project (258 km) and expects to close funding for Rajauli-Bhaktiyarpur project (429 km) by October end, S. Vaikuntanathan, Chief Financial Officer, recently told Business Line .
The company has so far completed 1,459 km of build, operate and transfer (BOT) mode projects and work on 2,018 km is under progress.
Outlining the status of nine BOT projects, he stated that five of them are completed and four others are under progress. Of this, two projects will secure necessary funding.
Apart from road projects, the company is executing 13 irrigation projects worth Rs 2,295 crore.
The diversified infrastructure company currently commands an order book of Rs 6,300 crore and has been pre-qualified in EPC works worth over Rs 20,000 crore. These works cover irrigation, highways, railways, power plants and transmission line projects.
NOD TO RAISE FUNDS
The company management at their annual general meeting this week will seek shareholders nod for an enabling resolution that will allow them to raise up to Rs 1,000 crore. Since this is a facilitating resolution, the funds could be raised through any mode.
In a communication to the shareholders, the company management mentioned in spite of poor economy with slower growth in infrastructure industry, Madhucon has sustained growth due to re-alignment of business model, strong asset base with diversified business verticals and presence in coal mines in Indonesia.
rishikumar.vundi@thehindu.co.in
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