Presidential Elections: Support Dr.Meira Kumar
Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" will invariably bring Shame to the Biharis and Jharkhandis (or erstwhile unified Bihar). Do you think that, people of Bihar will leave Nitish Kumar Scott - free, if Dr.Meira Kumar loses ? So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar.
Moreover, if Nitish Kumar wants to fall in the BJP's well calculated electoral TRAP no one can save him in the next election.
Also, I am surprised to see Mr.Navin Pattanayak, so easily chewing the RSS bait. Orissa is a state, where there is large chunk of Tribal Christian voters loyal to the BJD (Biju Janata Dal). I am still to fathom, BJD's sudden electoral gamble of siding with the RSS and the BJP; when Mr.Pattanayak has been maintaining distance from them since some time.
Besides, the election of Dr.Meira Kumar, who is educated, experienced and very sober, might also correct some of the historical mistakes of not making her father, the Prime Minister of India.
Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar, give a conscience vote and make her the 2nd Female President of India.
All the best to Dr.Meira Kumar.....👍✌
Tuesday, January 07, 2014
IVRCL plans second round of asset sales to cut debt
Buy the scrip at Rs.16, like your fixed deposit and get ur money doubeld in the next 6 months time. The firm to sell Chennai seawater desalination plant and Jalandhar-Amritsar road project
Hyderabad, Sep 27 2013: Infrastructure firm IVRCL Ltd, battling liquidity problems on account of high interest costs and sluggish project execution, is selling its Chennai seawater desalination plant and Jalandhar-Amritsar road project as part of its second round of asset sales to trim debt.
“Three people have shown interest, but we are yet to sign any definitive agreement,” said E. Sudhir Reddy, chairman and managing director, referring to the Chennai plant, at the company’s annual general meeting in Hyderabad on Friday.
IVRCL holds a 75% stake in Chennai Water Desalination Ltd (CWDL), which invested around Rs.600 crore to set up a 100 million litres a day seawater desalination plant in Chennai on a build, own, operate and transfer (BOOT) basis for 25 years.
The other 25% stake is held by Spanish partner Befesa Agua, which brought in the technology to purify sea water and convert it into potable water. IVRCL invested about Rs240 crore as equity, raising the balance money through debt.
IVRCL reported a loss of Rs.25.5 crore for the 9 months ended 31 March, CWDL had total liabilities of Rs.472 crore as on 31 March.
Reddy said IVRCL is also in talks with investors to sell the 49-km Jalandhar-Amritsar section of the NH-1 BOOT road project in Punjab. The project, built at an estimated cost of Rs.263 crore, commenced operations on 30 April, 2010.
IVRCL did not divulge the exact amount of debt it is looking to pare. As on 31 March, it had a consolidated debt of around Rs.6,000 crore, of which debt from the engineering, procurement and construction (EPC) business accounted for Rs.2,500-2,600 crore, the company said.
“In 6-9 months, we will be able to complete the second round of asset sale,“ Reddy.
Earlier in April, IVRCL signed an agreement to sell three build, operate, transfer (BOT) road projects in Tamil Nadu to TRIL Roads Pvt. Ltd, a Tata group company, for around Rs.2,200 crore. The projects were: Salem Tollways Ltd, Kumarapalayam Tollways Ltd and IVRCL Chengapalli Tollways Ltd.
The sale helped the company free Rs.450-500 crore in cash, and wipe off debt worth Rs.1,100 crore from the balance sheet, Reddy said.
The company has “made mistakes like most other infrastructure by aggressively pursuing BOT projects”, Reddy said.
“The interests rates when we bid for the projects were 7%. Now they are hovering around 12-13%, plus the delay in clearances have pushed us to a state of no man’s land,” he said.
IVRCL has a total order book of Rs.25,000 crore. Of this, it has new orders worth Rs.8,000-9,000 crore, but liquidity has been a major problem.
A “Slow moving order book, stretched working capital and high interest rates are the problems IVRCL is facing,” said Viral Shah, senior analyst tracking infrastructure at Mumbai-based Angel Broking Ltd. “The company needs reduce debt through sale of assets.”
Last month, credit rating agency India Ratings and Research Pvt. Ltd downgraded IVRCL loans from ‘BB’ to ‘D’, indicating “delays in the servicing of term loans, due to its weak liquidity position”.
IVRCL said it has no plans to opt for a corporate debt restructuring. “We want to fight it out in the market,” Reddy said.
The problems of infrastructure companies could stretch up to December next year, despite the government’s best intentions of bringing more clarity in terms of the new land acquisition Bill and speeding up clearances, said P.R. Ramesh, chairman, of the audit and consulting firm Deloitte Haskins & Sells.