HCC planning to repay debt by raising money
Ajit Gulabchand who is the chairman and managing director at the Hindustan Construction Company is setting out a plan in order to raise Rs 1,500-2,000 crore to pay the debt and get the Mumbai-based construction and engineering company out of the corporate debt restricting the cell ahead of the schedule.
He further stated that he has to get out of CDR and that he is trying to do it faster than the 10 years as said by the banks. He is willing to whatever is required in order to lessen the interest burden. If he pays Rs 1,500 crore his debt, his profit and ratings will improve and then his company will become normal. He wants to make sure that they put their finances in order so that when Prime Minister, Narendra Modi and his government resets the economy and re launches India on a new growth path they are fit to participate in the infrastructure growth.
HCC which has its credit construction of some of India’s main nuclear power plants, hydropower plants and Mumbai’s Sea Link project has faced a rough phase in the last two years. They hopefully look forward to a revival.
Source: The Economic Times
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