IVRCL Infra bags Rs557-crore orders from Maharashtra government
10 Sep 2009
The Hyderabad-based IVRCL Infrastructures & Projects announced on Thursday that it has bagged orders worth Rs557 crore from the Maharashtra government.
The company has bagged Rs400 crore worth of orders for the construction of roads on a build-operate-transfer basis, and a Rs157 crore contract for laying a water pipeline for the Tiroda thermal power project, the company said in a filing with the Bombay Stock Exchange (BSE).
The road project involves widening of the Baramati-Phaltan road and the Phaltan-Lonand to Shirwal road in Satara and Pune districts, respectively.
At the same time, IVRCL is working on a plan to bring its assets under a single entity to make fund-raising easier. Such a consolidation will help the company realise the valuation of assets better before allowing investors to take stakes in them.
"We have several special purpose vehicles (SPVs) floated for various BOT projects. We are working on a plan to bring them all under a single entity, which will be owned fully by IVRCL. This will help us raise funds based on the combined valuations of all these projects," reports quoted E Sudhir Reddy, chairman and managing director of IVRCL, as saying.
