IVRCL sold for Rs 1200 crore in liquidation to Hyderabad based businessman

The engineering procurement and construction (EPC) company that went into liquidation, is set to be acquired by Hyderabad businessman Ponguleti Prasad Reddy along with consortium members for Rs 1200 crore. This would imply a recovery of 8% for lenders. IVRCL was pushed into liquidation after lenders rejected two separate resolution plans submitted by Shankar Sharma … Read more