IRB Infra acquired an aircraft for Rs 107 crore in November 2010, which according to Goldman Sachs was masked by the company. The rating agency says that the acquisition was not adequately disclosed.
Clarifying the aircraft purchase, VD Mahiskar, chairman and managing director, IRB Infra said, the company had no intention to hide the buy from its investors. In an interview to CNBC-TV18, Mahiskar said, "If there would have been any intention of hiding it, we would not have registered it in India and paid a full duty of almost Rs 20 crore on it." Stating the rationale for this acquisition, he said, the purchase of aircraft has enabled them to get faster access to project sites. Meanwhile, the company is confident of retaining margins on construction projects. Below is the edited transcript of MhaiskarDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
