Hindustan Construction will sell non-core assets to reduce debt
Hindustan Construction Co. Ltd has started selling non-core assets to reduce the debt burden. They have already sold 20 acre land along the Mumbai Pune expressway.
As on March 31st, the total debt amount of HCC is Rs. 4200 crore. To reduce the debt amount the group has decided to sell another 80 acres at the same location in Khopoli, Navi Mumbai, and also residential apartments in New Delhi, Kolkata and Lucknow will be sold.
HCC had approached a consortium of banks to restructure its debt amount. The firm submitted its restructuring scheme to bankers and has asked for a two-year moratorium and six years to repay debt, along with a marginal relaxation in the interest rate.
Hindustan Construction Company has already invested in a Hydro power project. As it is a long term project, there are inherent risks in execution of such a long-duration project and need more cash flow for timely execution of the projects.
DLF, planning to sale its land for Rs 2900 crore
Source: livemint
Debt, Hindustan Construction, Mumbai-Pune expressway, non core asset sale, Residential apartments, residential apartments in Delhi
