NCC Infra to sell 15-20% stake to PE

NCC Infra to sell 15-20% stake to PEThe leading infrastructure firm NCC Ltd has made up its mind to reduce stake in order to raise fund for its new Krishnapatnam power project. This has been stated in a recently published report. This project is being set up at Andhra Pradesh.

Earlier, this company was known as Nagarjuna Construction Co Ltd. Now it has been found that the company is planning to dilute near about 15-20% stake out of the total stake of its owned subsidiary NCC Infrastructure Holdings Ltd.

The equity dilution should proceed in the coming six to nine months as stated by the company's executive vice-president (finance), YD Murthy. The report has added that the company has already made an investment of Rs. 1.5billion for its new power project and by the end of this financial year it would invest Rs. 1billion more.

Currently, the NCC Infrastructure holds five road and three power projects. YD Murthy, the company's executive vice-president (finance) has said that they are looking at PE firms for accumulating power. However the quantum of dilution is yet to be revealed.