IVRCL to raise Rs 1,200 cr for capital needs

To supplement its working capital requirements, Hyderabad-based IVRCL is to raise Rs 1,200 crore and infuse capital into new projects. To facilitate fund-raising, the construction and infrastructure company has enlisted the services of SBI Caps, sources said. IVRCL, which has already divested stakes in three road projects to Tata Realty and Infrastructure (TRIL), looks to divest stake in its Chennai desalination project and Jalandhar highway project. The company recently secured approvals for divestment in three road projects to TRIL from the National Highways Authority of India and nod from the Income Tax Department.