HCC back in black, eyes Rs 750 crore through sale of assets

Written by Shubhra Tandon | Mumbai | Updated: May 3 2014, 10:49am hrs
Hindustan Construction Company (HCC) will be looking to raise around R750 crore through sale of non-core assets by the end of June 2014. These include two toll road projects and completion of 26% stake sale in a commercial project in Mumbai.

"We have already signed term sheets for two of our BOT road assets and hope to close the deals by June 2014. Also, the 26% stake sale in 247 HCC Park in Vikhroli is long pending and should close in a month's time. These three deals put together, we should be able to raise close to R750 crore," Praveen Sood, group chief financial officer said.

Sood refused to divulge details of the two road

projects.

On Friday, the company posted yet another profitable quarter, with standalone net profit at R24.4 crore for the quarter ended March 31, 2014 against a net loss of R50.3 crore last year. Standalone total income surged 20% year-on-year to R1,184 crore compared to the three months of January to March, 2013.