Jun 16, 2012, 11.26 AM IST | Source: PTI

HCC to complete CDR process soon: Ajit Gulabchand

Engineering and construction major Hindustan Construction Company (HCC) today said that it expects its corporate debt restructuring (CDR) process to be completed soon.

Ajit Gulabchand, HCC

Engineering and construction major Hindustan Construction Company (HCC) today said that it expects its corporate debt restructuring (CDR) process to be completed soon.

"We have received approval from 27 banks for re-alignment of the company's debt. We are likely to sign the deal soon," HCC Chairman & Managing Director Ajit Gulabchand told shareholders at the company's 86th annual general meeting here today.

Due to mounting debt pressure, the company had to apply for restructuring of debt to the tune of Rs 3,300 crore. The leading merchant banks involved in the process are IDBI , State Bank of India , ICICI and Punjab National Bank , among others.

"The process is underway and we are likely to conclude it soon. This will give us sufficient time to pay back our debt," he said. He also said the company was also looking at monetising some of its assets.

It has offered to liquidate the its land banks in the Vikhroli (Mumbai) and Pune areas, as well as sell five road projects over time, sources said.

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