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Ramky Infrastructure looks at selling road assets to pare debt

By Anuradha Verma

  • 28 Feb 2014
Ramky Infrastructure looks at selling road assets to pare debt

Hyderabad-based infrastructure company Ramky Infrastructure is looking to raise funds by selling its operational road assets so as to bring down its mounting debt. It is learnt to have a consolidated debt of around Rs 2,100 crore.

Its board held a meeting on Friday and "discussed the possibilities of easing the liquidity concerns and has advised to explore the avenue for the sale of operational road assets," Ramky Infrastructure said in the filing to the BSE.

Meanwhile, The Economic Times reported that the infrastructure firm is in talks with private equity fund Morgan Stanley Infrastructure Partners and the structured investment arm of the Ajay Piramal group to divest three of its road assets to mobilise around Rs 900 crore.

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The company is learnt to have appointed ICICI Securities as the investment banker for the deal. The assets, which are up for sale, include Ramky Elsamex in Hyderabad, Sehore Kosmi Tollways in Madhya Pradesh and  Nam Expressway in Andhra Pradesh.

Founded in 1994, Ramky Infrastructure builds water and wastewater projects, irrigation projects, lift irrigation projects, dams and barrages, apart from industrial construction and transportation projects, commercial and residential buildings, and shopping malls.

During the quarter ended December 31, 2013, it registered a loss of Rs 133.31 crore against a net profit of Rs 23.26 crore in the year-ago period.

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(Edited by Joby Puthuparampil Johnson)

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