IVRCL sells stake in desalination plant
IVRCL Sells Stake in Desalination Plant. IVRCL Limited, the city-based infrastructure developer, entered into a binding agreement with Dubai-based Utico FTZ to sell its equity in a desalination plant at Chennai.
Hyderabad: IVRCL Limited, the city-based infrastructure developer, entered into a binding agreement with Dubai-based Utico FTZ to sell its equity in a desalination plant at Chennai.
Chennai Water Desalination Limited (CWDL), which owns the Rs 550 crore plant, is a subsidiary of IVRCL and the total equity valuation of the company is Rs 150 crore, IVRCL said in a statement.
IVRCL holds 75 per cent stake in the company while rest is with a technical partner from Spain.
"The transaction is expected to complete in three months, subject to the approvals of Chennai Metropolitan Water Supply and Sewerage Board, lenders and other applicable authorities and satisfaction of certain agreement related conditions," the statement said.
