India's IVRCL sells Chennai desalination plant to Utilico FZC

Infrastructure firm, IVRCL, has agreed to sell its Chennai desalination plant to Dubai-based water and waste company, Utico FZC.

The deal will allow the IVRCL to retire a debt of Rs 300 crore (US$ 4.35 million) and get back equity of Rs 150 crore (US$ 2.175 million). The company reported its tenth successive quarterly loss in the three months to September and is now under corporate debt restructuring, IVRCL has been looking to sell its build operate, and transfer and build, own, operate, and transfer projects.

While IVRCL owns 75% in Chennai Water Desalination, India's first desalination project, the rest is held by Spain's Befesa Aqua through a joint venture that was formed in 2005.

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