Moneycontrol
Oct 06, 2017 10:30 AM IST | Source: CNBC-TV18

Demerger of EPC business not on cards: Walchandnagar Industries

In an interview to CNBC-TV18, GK Pillai, MD & CEO of Walchandnagar Industries spoke about the latest happenings the company and his outlook going ahead.

Walchandnagar Industries stock saw a good buzz around September and it started the month at around Rs 146 levels and then the good run continued in October as the stock gains 7 percent in the last three trading sessions to trade around Rs 200-210 zone.

In an interview to CNBC-TV18, GK Pillai, MD & CEO of Walchandnagar Industries spoke about the latest happenings the company and his outlook going ahead.

We finalised an agreement with KKR Investments to put some funds in the company, said Pillai.

He further said that KKR agreed to invest Rs 237 crore. The funds will be used for repayment of debt, he added.

Therefore, he expects interest cost and debt to go lower. Term loans will be completely repaid through KKR funds, he mentioned.

Pillai further mentioned that KKR has invested against debt and loan against promoter shares.

Talking about business, he said demerger of engineering, procurement and construction (EPC) business is not on cards.

On agreement front, he said complete promoter stake has been pledged with KKR.

Watch accompanying video for more details.

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