IVRCL Sold Desalination Plant
Published on by Water Network Research, Official research team of The Water Network in Business
Ailing Infrastructure Firm IVRCL Has Announced That It Has Signed a Definitive Agreement with the Dubai-based Utico FZC to Sell its Chennai Desalination Plant
Ailing infrastructure firmIVRCLhas announced that it has signed a definitive agreement with the Dubai-basedUtico FZCto sell its Chennai desalination plant.
The deal will allow the company, which suffered its tenth successive quarterly loss in the three months to September and is now under corporate debt restructuring, to retire a debt of Rs 300 crore and get back equity of Rs 150 crore. While IVRCL owns 75% in Chennai Water Desalination, India's first desalination project, the rest is held by Spain's Befesa Aqua through a JV that was formed in 2005.
Source: The Economic Times
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