City based constructors looking forward to exit a road project
With the investor sentiment improving in the country, city-based construction company NCC Ltd is talks to exit one of its four BOT road projects and expects to clinch a deal by the end of this year. We are planning to exit two out of four BoT road projects.
Out of two, we are currently in talks with potential buyers for one project and a deal could happen by the end of this fiscal, said NCC executive vice-president (finance) Y.D. Murthy here. The two road projects that the company is planning to exit are Western UP Tollways and Bangalore Elevated Expressway. After years of high growth, the Indian construction companies are scrambling to sell their BOT projects as high interest costs and low efficiency of their projects threaten to push parent companies towards severe financial strain.
The construction company are taking the onus in exiting one of the road projects that have been designated. As it is being expected the deal will get closed before or within the end of this year. The work might take some more time.
Source: Deccan Chronicle
Bangalore Elevated Expressway, BOT road projects, Construction, NCC executive vice-president, NCC Ltd, Western UP Tollways
