Creditors of debt-laden infrastructure developer IVRCL are likely in talks with Essel Infraprojects to sell a controlling stake in the company’s listed unit Hindustan Dorr-Oliver (HDO), an article in the Mint says.
Last December, lenders to IVRCL had decided to take the strategic debt restructure (SDR) route to convert their debt in the company to equity consequently taking control of over 51 percent stake in the company collectively. They are now trying to sell the company’s assets through piecemeal approach to recover their dues while looking for a new owner.
IVRCL has around 55 percent stake in Hindustan Dorr-Oliver, a prominent engineering, procurement and construction player with a plant near Ahmedabad. Balance stake in HDO is owned by foreign institutional investors and other investors.
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