NCC Ltd (NCCL) today said it is making efforts to divest its stake in road project SPVs and the proceeds from it will be utilised for bringing down its debt.
“The company has been making efforts to divest the stake held in the road projects SPVs (Special Purpose Vehicles) , viz, Western UP Tollway Ltd, and Bangalore Elevated Tollway Ltd, (held through our subsidiary NCC Infrastructure Holdings Ltd,)…,” NCCL said in a filing to BSE.
“The proceeds of the stake sale will be utilised for bringing down the debt level,” it added.
On stake sale in NCC Power Projects Ltd (NCCPP), held through its subsidiary NCC Infrastructure Holdings Ltd, it said as per the definitive agreements entered into with Sembcorb Industries Ltd, the proceeds are expected to be received during the current financial year.
NCCPP is jointly owned by Gayatri Energy Ventures (GEVPL) and NCC Infrastructure Holdings (NCCIHL).
NCC Power Projects is developing 1,320 MW coal-based thermal power project at Muthukur Mandal, Nellore in Andhra Pradesh, according to the company website.
Sembcorp Industries (Sembcorp), a Singapore-based energy, water and marine group, had earlier signed a conditional agreement to acquire 45 per cent in NCC Power Projects.
NCCL shares closed 5.82 per cent up at Rs 79.95 on BSE.