Water projects our priority area: IVRCL

Though new windows of opportunities have been opened in other infrastructure fields like roads and power by the recent Union Budget, IVRCL Infrastructures and Projects Limited, one of the leading construction companies in the state, said that water projects would continue to be its priority area.

The company has been recognised as one of the strongest players in this field.

Addressing a media conference to announce the company's public issue on Friday, E Sudhir Reddy, vice-chairman and managing director of IVRCL, said that water projects constituted over 54 per cent of the company's total business this year.

The company, as part of the joint venture under category-1 irrigation packages, has bagged close to Rs 700 crore worth of works from the state government alone. Reddy said that the company may bid for another couple of packages in this category.

According to him, the company has over Rs 2,545 crore worth of works on hand relating to water, buildings and power among other sectors.

IVRCL's operations extend to over 15 states. The company reached the last year's turnover figure of Rs 774 crore in the first nine months of the current year alone, according to the company officials.

Reddy said that the proceeds from its public issue would be deployed for investment in new projects, purchase of capital equipment and repayment of debt.

The company's public issue, which opened on Friday, is aimed at raising Rs 126 crore with a green-shoe option aggregating Rs 144.9 crore. The price band for the issue is Rs 385 to Rs 415 per equity share with a face value of Rs 10 each.