Nagarjuna Construction Company to sell five BOT assets in India
According to local sources, Hyderabad-based Nagarjuna Construction Company (NCC) has decided to sell some of its build, operate and transfer (BOT) assets and to reduce debt on the company's books.
"We are looking at a strategic sale of two road projects and some real estate assets to reduce our debt, which is to the tune of Rs 2,225 crore (US$328 million)."
He said the company currently is having talks with potential buyers for the sale of two toll projects located in the states of Uttar Pradesh and Karnataka. Mr. Murthy expected to get around Rs 200-250 crore (around US$35 million).
NCC has also expressed interest in selling minority stakes the two joint venture power projects in which it had made investments. The company already sold a 5 % stake in the 100-Mw Himachal Sorang Power Limited and it is likely that a stake sale in the 1,320-Mw coal fire project at Krishnapatnam in Andhra Pradesh will be announced soon.
