IVRCL to sell stakes in 3 road projects in south India

MUMBAI: IVRCL Ltd said on Friday it will sell its stakes in three road projects in the southern state of Tamil Nadu to TRIL Roads Pvt Ltd, a unit of steel-to-salt conglomerate Tata Group.

The 154.83 km-long roads are build-operate-transfer (BOT) projects with a total project cost of Rs 22 billion ($404.78 million), it said in a statement.

IVRCL has plans to sell three more assets out of 9 BOT projects within a span of six months, it added.

Shares of IVRCL closed nearly 13 per cent higher at Rs 21.75, outperforming the benchmark index which closed up 0.15 per cent.