IVRCL Ltd, considered one of the hottest firms in the infrastructure business a decade ago and which fell on tough times, is close to raising around $150 million (Rs.1,000 crore) by selling some of its assets, according to two people familiar with the matter who asked not to be identified.
The firm is looking to sell three of its road projects in Tamil Nadu to Tata Realty and Infrastructure Ltd (TRIL) and a desalination plant to Dubai-based water and utilities supplier, Utico FZC, by December, said one of the two people, a consultant involved in the deals.
