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Last Updated : Mar 19, 2018 04:15 PM IST | Source: CNBC-TV18

ITD Cementation loses Bandra-Versova Sea Link project

ITD Cementation lost out to Reliance Infra on the Bandra-Versova Sea Link project. This is the second loss that ITD Cementation has faced in quick succession after they lost the Mumbai Trans Harbour Link earlier.

CNBC TV18 @moneycontrolcom

ITD Cementation lost out to Reliance Infrastructure on the Bandra-Versova Sea Link project. This is the second loss that ITD Cementation has faced in quick succession after they lost the Mumbai Trans Harbour Link earlier.

In an interview to CNBC-TV18, Prasad Patwardhan, CFO of ITD Cementation spoke about the lost bid.

We bid for the project in joint venture with Hyundai, which is a globally reputed infrastructure company. We firmly believe that the price we quoted was the right price, said Patwardhan.

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Talking about business, he said 2018 has started on a good note for us. We have received orders in excess of Rs 2,400 crore in the first two months of the calendar year.

He further said that our balance sheet has improved substantially after 2017. We did a QIP in January and mobilised about Rs 337 crore and we deployed the money to reduce our debt. Therefore, our debt equity ratio is in the range of 0.1 or 0.15.

For entire interview, watch accompanying video.

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First Published on Mar 19, 2018 04:13 pm

tags #Business

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